© Reuters. Ameriprise Financial Earnings Beat, Revenue Misses In Q1
By Yasin Ebrahim
Investing.com – Ameriprise Financial (NYSE:) reported Monday mixed as earnings beat, but revenue fell short of expectations.
Ameriprise Financial shares was flat in after-hours trade following the report.
Ameriprise Financial announced earnings per share of $5.98 on revenue of $3.66B. Analysts polled by Investing.com anticipated EPS of $5.88 on revenue of $3.71B.
The company attributed the beat on the bottom line to strength in its wealth and asset management, which “generated strong profitability, [and] represented nearly 80 percent of pretax operating earnings in the quarter.”
Revenue growth, meanwhile, was weighed down by decline in net investment income, and distribution fees.
Looking forward, the company touted optimism for the year ahead as the higher interest rate environment is expected to boost lending margins.
“[W]e are well positioned to continue to drive organic growth and will benefit from the rising rate environment in the U.S,” the company said.
Ameriprise Financial shares are down 18% from the beginning of the year, still down 15.23% from its 52 week high of $332.37 set on January 13. They are under-performing the S&P 500 which is down 9.8% from the start of the year.
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