Published on 24 Jan 2023 on Zacks via Yahoo Finance

Invesco (IVZ) Q4 Earnings & Revenues Beat, AUM Balance Down

Invesco’s IVZ fourth-quarter 2022 adjusted earnings of 39 cents per share surpassed the Zacks Consensus Estimate of 36 cents. The bottom line, however, plunged 54.7% from the prior-year quarter. Our estimate for earnings was 33 cents.Results benefited from a decline in operating expenses. On the other hand, lower assets under management (AUM) balance and long-term outflows hurt revenues.On a GAAP basis, net income attributable to common shareholders was $187.8 million or 41 cents per share, down from $426.8 million or 92 cents per share a year ago.In 2022, adjusted earnings per share of $1.68 beat the consensus estimate by a penny but declined 45.6% year over year. Our estimate for earnings was $1.62. Net income attributable to common shareholders (GAAP) was $683.9 million or $1.49 per share, down from $1.39 billion or $2.99 per share in 2021.

Revenues & Expenses Decline

Adjusted quarterly net revenues were $1.11 billion, falling 19.3% year over year. The top line, however, outpaced the Zacks Consensus Estimate of $1.06 billion. Our estimate for net revenues was $1.05 billion.In 2022, adjusted net revenues declined 11.7% from 2021 to $4.65 billion. The top line also lagged the consensus estimate of $5.13 billion. Our estimate for net revenues was $4.59 billion.Adjusted operating expenses were $769.2 million, down 3.4% year over year.The adjusted operating margin was 30.6%, down from 42% a year ago.