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BALTIMORE - T. Rowe Price Group, Inc. (NASDAQ-GS:TROW) reported fourth quarter 2024 financial results that fell short of analyst expectations, leading to a slight decline in its stock price.
The investment management firm posted adjusted earnings per share of $2.12, missing the analyst consensus of $2.21 by $0.09. Revenue for the quarter came in at $1.82 billion, below the estimated $1.88 billion. Following the earnings release, T. Rowe Price shares dipped 1.77% in early trading.
Compared to the same quarter last year, the company’s revenue showed modest growth, though specific year-over-year figures were not provided in the release. The earnings miss and revenue shortfall suggest potential challenges in the competitive asset management landscape.
T. Rowe Price reported assets under management of $1.61 trillion as of December 31, 2024. Approximately two-thirds of these assets are retirement-related, underscoring the firm’s significant presence in the retirement services sector.
CEO Rob Sharps commented on the results, stating, "While we faced some headwinds this quarter, our long-term investment performance and client-first approach continue to position us well in the global asset management industry."
The company did not provide specific guidance for the upcoming quarters or fiscal year in the press release. Investors and analysts will likely seek more clarity on the firm’s outlook during the scheduled conference call.
T. Rowe Price, founded in 1937, is known for its investment expertise and retirement leadership. The company serves millions of clients globally, offering a range of equity, fixed income, alternatives, and multi-asset investment capabilities.
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