Published on 27 Jul 2021 on Zacks via Yahoo Finance

Ameriprise (AMP) Q2 Earnings Beat, Revenues & Costs Rise Y/Y

Ameriprise Financial’s AMP second-quarter 2021 adjusted operating earnings per share of $5.27 surpassed the Zacks Consensus Estimate of $5.23. The bottom line reflects a rise of 39.4% from the year-ago quarter. Notably, the prior-year quarter figure excludes net operating loss tax impacts.Results were aided by growth in revenues, partly offset by higher expenses. Improvements in assets under management (AUM) and assets under administration (AUA) balance were tailwinds.After taking into consideration significant items, net income (GAAP basis) was $591 million or $4.88 per share against a net loss of $539 million or $4.31 per share in the prior-year quarter.

Revenues Improve, Expenses Rise

On an operating basis, total adjusted net revenues were $3.39 billion, up 22.5% year over year. The top line surpassed the Zacks Consensus Estimate of $3.38 billion. On a GAAP basis, net revenues were $3.42 billion, up 26% year over year.Adjusted operating expenses totaled $2.61 billion, up 19.1% from the prior-year quarter.