Q4 2024 Cohen & Steers Inc Earnings Call Transcript
Key Points
- Cohen & Steers Inc (CNS) reported an increase in earnings per share to $0.78 for Q4 2024, up from $0.77 sequentially.
- Full-year 2024 earnings per share rose to $2.93, compared to $2.84 in 2023.
- Revenue for Q4 increased by 4.9% sequentially to $139.9 million, and full-year revenue grew by 5.9% to $518 million.
- The company experienced net inflows during Q4, primarily related to open-end funds, marking the second consecutive quarter of positive flows.
- Cohen & Steers Inc (CNS) plans to launch three new ETFs in Q1 2025, marking its entry into the ETF market.
- Assets under management (AUM) decreased to $85.8 billion at year-end, down from $91.8 billion at the end of Q3, due to market depreciation.
- Total expenses increased compared to the prior quarter, driven by higher compensation and benefits, distribution and service fees, and G&A expenses.
- The company anticipates $800 million in redemptions in the first half of 2025, driven by reallocations to private investments and client rebalancing.
- Operating margin remained flat at 35.5%, indicating limited improvement in operational efficiency.
- The company faces competition in the preferred securities market, particularly from private credit, affecting inflows in this segment.
Ladies and gentlemen, thank you for standing by. Welcome to the Cohen and Steers fourth quarter and full year 2024 earnings conference call (Operator Instructions)
As a reminder, this conference is being recorded Thursday, January 23, 2025.
I would now like to turn the conference over to Brian Heller, Senior Vice President and Deputy General Counsel of Cohen & Steers. Please go ahead.
Thank you, and welcome to the Cohen & Steers Fourth Quarter and Full Year 2024 Earnings Conference Call. Joining me are Joe Harvey, our Chief Executive Officer; Raja Dakkuri, our Chief Financial Officer; and Jeff Palma, our Head of Multi-Asset Solutions.
I want to remind you that some of our comments and answers to your questions may include forward-looking statements. We believe these statements are reasonable based on information currently available to us, but actual outcomes could differ materially due to a number of factors,
Including those described in our
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