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NEW YORK - Invesco Ltd . (NYSE:IVZ) reported better-than-expected first quarter earnings and revenue on Tuesday
The company’s shares were up 5.14% in premarket trading following the release.
The asset management firm posted adjusted earnings per share of $0.44, beating analyst estimates of $0.40. Revenue came in at $1.53 billion, well above the consensus forecast of $1.11 billion.
Net long-term inflows totaled $17.6 billion for the quarter, driven primarily by ETFs and index funds, fundamental fixed income, and the company’s China joint venture and India business. This represents an annualized organic growth rate of 5.3%.
Total (EPA:TTEF) assets under management stood at $1.84 trillion at quarter-end, flat compared to the previous quarter but up 11% year-over-year.
"Our strategic clarity has helped us drive organic growth through various operating environments and continued to prove effective in the first quarter in which we delivered over 5% long-term organic growth," said Andrew Schlossberg, President and CEO of Invesco.
The company also announced a $1 billion repurchase of its Series A Preferred Stock held by MassMutual, expected to occur in May. Additionally, Invesco increased its quarterly common stock dividend to $0.21 per share.
Invesco’s adjusted operating margin expanded to 31.5% from 28.2% in the same quarter last year, reflecting improved profitability.
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