Invesco Reports an Earnings Slide, Cuts Dividend
Asset management firm Invesco (NYSE: IVZ) reported a drop in earnings and a net outflow in the first quarter. The Atlanta-based firm also slashed its quarterly dividend in half.
Net income was down 54% year over year to $81.5 million while earnings per share fell 39% to $0.34. The company reported net outflows of $2.1 billion, compared to $3.5 billion in net inflows in Q1 2019. Bad as that latest result was, it was still far better than Q4 2019, when the company hemorrhaged $20.4 billion in net outflows.
The improvement came almost entirely from institutional money market funds, which contributed $26.3 billion in inflows in the quarter. Passive funds had $1.5 billion in net inflows, while active funds experienced $20.6 billion in outflows. Overall, the company had a record $84.7 billion in gross fund inflows in the quarter, more than offset by $103.8 billion in gross outflows.
Source Fool.com
