Ameriprise Financial reported another strong quarter of financial results late Tuesday as the Minneapolis-based financial services giant exceeded expectations for revenue and earnings.
The company reported revenues of $3.072 billion for the quarter ended June 30, up 11.7 percent over last year's second quarter, and operating earnings of $408 million, or $2.08 per share, up 16 percent and 23 percent, respectively.
Analysts had been expecting Ameriprise sales of $3.014 billion and operating income of $396 million, or $2.01 per share.
Ameriprise's net income for the quarter was $374 million, or $1.91 per share.
Chairman and CEO James Cracchiolo said Ameriprise "delivered another quarter of strong financial results with particular strength in our advice and wealth management business."
That segment showed an 11 percent increase in revenues and a 16 percent increase in retail client assets to a record $435 billion, aided by acquisition of new clients and market appreciation.
The company also showed strong asset growth in its asset management segment, which was up 13 percent to $518 billion.
During the quarter Ameriprise returned $464 million to shareholders through share repurchases of $352 million and $112 million in dividends. The company has returned a total of $921 million to shareholders through the first half of the year.
Ameriprise shares, which had dropped 66 cents to $120.84 before the earnings announcement, were unchanged in after-hours trading.
Patrick Kennedy • 612-673-7926
