Waddell & Reed Financial Q1 Profit Down - Quick Facts

(RTTNews) - Waddell & Reed Financial Inc. (WDR) reported first quarter 2015 net income of $67.1 million or $0.80 per share, down from $74.9 million or $0.88 per share for the first quarter of 2014.

Total operating revenues declined 1% to $385.46 million from last year's $390.42 million, due primarily to a decline in average assets under management.

Analysts polled by Thomson Reuters expected the company to report earnings of $0.83 per share and revenues of $382.17 million for the quarter. Analysts' estimates typically exclude special items.

Assets under management ended the first quarter at $123 billion, down less than 1% sequentially as market appreciation of $2.8 billion helped to offset $3.6 billion in net outflows. Compared to the first quarter of 2014, assets under management declined 6%. The decline in asset levels over the past 12 months was due to net outflows, which were partly offset by positive market action. Average assets under management were $123 billion in the first quarter of 2015.