Published on 23 Apr 2024 on Zacks via Yahoo Finance

Ameriprise (AMP) Q1 Earnings Beat as Revenues & AUM Rise Y/Y

Ameriprise Financial’s AMP first-quarter 2024 adjusted operating earnings of $8.39 per share handily surpassed the Zacks Consensus Estimate of $8.10. The bottom line reflects a rise of 16% from the year-ago quarter.Results were aided by revenue growth, along with higher assets under management (AUM) and assets under administration (AUA) balances. However, an increase in expenses acted as a headwind.After considering significant items, net income (GAAP basis) was $990 million or $9.46 per share, up from $417 million or $3.79 per share in the prior-year quarter. Our estimate for the metric was $616.1 million.

Adjusted Revenues Improve, Expenses Rise

Adjusted operating total net revenues were $4.10 billion, up 11% year over year. The top line lagged the Zacks Consensus Estimate of $4.16 billion.Total GAAP net revenues were $4.15 billion, growing 11% year over year.Adjusted operating expenses totaled $3.02 billion, which increased 11% year over year. We had projected adjusted expenses of $2.88 billion.Total AUM and AUA increased 15% year over year to $1.42 trillion. The rise reflected strong client net inflows and market appreciation. Our estimate for the metric was $1.33 trillion.