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Stay up-to-date with all quarterly releases: See Zacks Earnings Calendar.
The results were primarily aided by a decline in adjusted expenses and higher adjusted net revenues. An increase in the assets under management (AUM) balance on decent inflows was a positive too. In light of these positives, shares of the company were up 1% in the pre-market trading session.
Results in the reported quarter included certain notable items. After considering those, net income attributable to common shareholders was $55 million or 12 cents per share, down 58.6% from a year ago.
Adjusted net revenues were $1.10 billion, up marginally year over year. The top line marginally missed the Zacks Consensus Estimate of $1.11 billion.
Adjusted operating expenses were $755.5 million, down 4.2% on a year-over-year basis.
The adjusted operating margin was 31.6%, up from 28.2% a year ago.
IVZ’s AUM Balance Increases
As of Sept. 30, 2024, AUM was $1.80 trillion, up 20.7% year over year. The average AUM at the end of the third quarter totaled $1.74 trillion, up 14%.
The company witnessed long-term net inflows of $16.5 billion in the reported quarter.
Invesco’s Strong Balance Sheet
As of Sept. 30, 2024, cash and cash equivalents were $1.04 billion compared with $878.5 million as of June 30, 2024.
The long-term debt was $890.3 million.
Our View on IVZ
Invesco is well-poised to benefit from its global footprint, product offerings and strategic buyouts. Further, measures to improve efficiency will likely keep expenses at a manageable level. However, a tough operating backdrop and high levels of intangible assets on the balance sheet are major near-term concerns.
BlackRock’s (BLK - Free Report) third-quarter 2024 adjusted earnings of $11.46 per share handily surpassed the Zacks Consensus Estimate of $10.34. The figure reflects a rise of 5% from the year-ago quarter.
BLK’s results benefited from a rise in revenues and higher non-operating income. AUM witnessed robust growth and touched the $11.45 trillion mark, driven by net inflows and market appreciation. However, higher expenses acted as a headwind.
Blackstone’s (BX - Free Report) third-quarter 2024 distributable earnings of $1.01 per share outpaced the Zacks Consensus Estimate of 91 cents. The figure reflects a rise of 7% from the prior-year quarter.
BX’s results benefited from higher revenues and an improvement in AUM balance. However, an increase in GAAP expenses acted as a headwind.
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Invesco Q3 Earnings Meet Estimates on Y/Y Revenue Increase, Stock Up
Invesco’s (IVZ - Free Report) third-quarter 2024 adjusted earnings of 44 cents per share came in line with the Zacks Consensus Estimate. The bottom line increased 25.7% from the prior-year quarter.
Stay up-to-date with all quarterly releases: See Zacks Earnings Calendar.
The results were primarily aided by a decline in adjusted expenses and higher adjusted net revenues. An increase in the assets under management (AUM) balance on decent inflows was a positive too. In light of these positives, shares of the company were up 1% in the pre-market trading session.
Results in the reported quarter included certain notable items. After considering those, net income attributable to common shareholders was $55 million or 12 cents per share, down 58.6% from a year ago.
Invesco’s Adjusted Revenues Rise, Adjusted Expenses Decline
Adjusted net revenues were $1.10 billion, up marginally year over year. The top line marginally missed the Zacks Consensus Estimate of $1.11 billion.
Adjusted operating expenses were $755.5 million, down 4.2% on a year-over-year basis.
The adjusted operating margin was 31.6%, up from 28.2% a year ago.
IVZ’s AUM Balance Increases
As of Sept. 30, 2024, AUM was $1.80 trillion, up 20.7% year over year. The average AUM at the end of the third quarter totaled $1.74 trillion, up 14%.
The company witnessed long-term net inflows of $16.5 billion in the reported quarter.
Invesco’s Strong Balance Sheet
As of Sept. 30, 2024, cash and cash equivalents were $1.04 billion compared with $878.5 million as of June 30, 2024.
The long-term debt was $890.3 million.
Our View on IVZ
Invesco is well-poised to benefit from its global footprint, product offerings and strategic buyouts. Further, measures to improve efficiency will likely keep expenses at a manageable level. However, a tough operating backdrop and high levels of intangible assets on the balance sheet are major near-term concerns.
Invesco Ltd. Price, Consensus and EPS Surprise
Invesco Ltd. price-consensus-eps-surprise-chart | Invesco Ltd. Quote
Currently, IVZ carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Performance of Other Asset Managers
BlackRock’s (BLK - Free Report) third-quarter 2024 adjusted earnings of $11.46 per share handily surpassed the Zacks Consensus Estimate of $10.34. The figure reflects a rise of 5% from the year-ago quarter.
BLK’s results benefited from a rise in revenues and higher non-operating income. AUM witnessed robust growth and touched the $11.45 trillion mark, driven by net inflows and market appreciation. However, higher expenses acted as a headwind.
Blackstone’s (BX - Free Report) third-quarter 2024 distributable earnings of $1.01 per share outpaced the Zacks Consensus Estimate of 91 cents. The figure reflects a rise of 7% from the prior-year quarter.
BX’s results benefited from higher revenues and an improvement in AUM balance. However, an increase in GAAP expenses acted as a headwind.