By John Kell
Ameriprise Financial Inc.'s (AMP) third-quarter profit more than
doubled as the financial-services company and asset manager posted
a double-digit increase in revenue amid growth across all business
segments.
Results for the quarter easily topped Wall Street's
expectations.
The company generally has reported higher operating earnings in
recent years, bolstered in part by its $1 billion acquisition of
the Columbia Management business from Bank of America Corp. (BAC)
in 2010, as well as strength from the advice and wealth-management
segment.
Ameriprise Financial reported a profit of $382 million, or $1.86
a share, up from $173 million, or 79 cents a share, a year earlier.
Operating earnings, which exclude realized gains and losses, market
impacts on variable annuity benefits and other items, were up to
$1.91 a share from $1.32.
Revenue rose 14% to $2.81 billion.
Analysts surveyed by Thomson Reuters expected a profit of $1.72
a share on $2.78 billion in revenue.
Ameriprise's biggest top-line contributor, management and
financial advice fees, posted an 11% jump in revenue. Revenue rose
15% for net investment income and 13% for distribution fees.
Assets under management and administration rose 8% from a year
earlier to $735 billion, driven by Ameriprise advisor client net
inflows and market appreciation.
Shares closed Tuesday at $99.39 and were inactive in after-hours
trading. The stock has risen 59% so far in 2013, outperforming the
broader market's gain.
Write to John Kell at john.kell@wsj.com
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