Q3 2024 Cohen & Steers Inc Earnings Call Transcript
Key Points
- Cohen & Steers Inc (CNS) reported earnings of $0.77 per share, up from $0.68 sequentially, indicating strong financial performance.
- Revenue increased to $133 million from $122 million sequentially, driven by higher average AUM.
- Operating income rose to $47.6 million from $42.5 million sequentially, with an improved operating margin of 35.7%.
- AUM increased by over $11 billion from the prior quarter, primarily due to market appreciation and net inflows.
- 95% of open-end fund AUM is rated 4 or 5-star by Morningstar, reflecting strong investment performance.
- Total expenses were higher compared to the prior quarter, mainly due to increased compensation and benefits.
- The effective tax rate for the quarter was 25.1%, which could impact net income.
- The company expects G&A expenses to increase by 6% to 7% for the year, primarily due to investments in technology and infrastructure.
- There are expected redemptions of $1 billion from advisory and sub-advisory clients, which could affect future inflows.
- Margins for the first nine months of 2024 are lower compared to the same period last year, despite market tailwinds.
Ladies and gentlemen, thank you for standing by. Welcome to the Cohen & Steers Third Quarter 2024 Earnings Conference Call. During the presentation, all participants will be in a listen-only mode. Afterwards we will conduct a question-and-answer session. (Operator Instructions) As a reminder this conference is being recorded, Thursday, October 17, 2024.
I would now like to turn the conference over to Brian Heller, Senior Vice President and Corporate Counsel of Cohen & Steers. Please go ahead.
Thank you and welcome to the Cohen & Steers Third Quarter 2024 Earnings Conference Call. Joining me are Joe Harvey, our Chief Executive Officer; Raja Dakkuri, our Chief Financial Officer; and Jon Cheigh, our Chief Investment Officer.
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
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