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July 28, 2010 at 08:00 PM
Ameriprise Financial’s second-quarter profit beat analysts’ expectations thanks to strong performance at its advice and wealth management segment and its asset-management segment.
The company had net income of $259 million, or $0.98, compared with a profit of $95 million, or $0.41, last year.
Operating earnings stood at $1.10 vs. $0.47 cents in the same year-ago period.
Equity analysts had expected the company to earn $0.77 on $2.32 billion in sales.
Actual revenue in the last three months improved 38% to about $2.58 billion.
“Our strong financial results for the quarter reflect the strength of our diversified business,” said Chairman and CEO Jim Cracchiolo in a press release.”Each of our segments performed well, led by stronger earnings in Advice & Wealth Management and Asset Management. Client activity and advisor productivity continued to improve despite the ongoing volatility in the markets.”
“The Columbia Management integration (following the April 30 acquisition) is on schedule and on budget,” he explained in a statement. “We are focused on delivering consistent, competitive performance, retaining and growing our retail and institutional assets, and achieving our expectations for revenue growth and expense synergies.
