Cohen & Steers adjusted profit beats expectations

Cohen & Steers reports adjusted 1Q profit ahead of market expectations

Associated Press

NEW YORK (AP) -- Cohen & Steers Inc.'s fiscal first-quarter net income fell nearly 17 percent, largely because of one-time expenses, but reported improved profit on an adjusted basis.

The investment firm reported after the market closed Wednesday that it earned $15.1 million, or 34 cents per share, for the quarter that ended March 31. That compares with net income of $18.1 million, or 41 cents per share, in the same quarter of 2012.

After adjusting for expenses tied to its offering of a closed-end mutual fund, it earned 44 cents per share.

Cohen's total revenue increased to $72.5 million from $63.7 million.

Analysts polled by FactSet, on average, were anticipating earnings of 41 cents per share on revenue of $73.9 million.

Cohen's assets under management increased nearly 10 percent to $49.3 billion from $44.9 billion, with gains in its institutional and mutual funds businesses.

Shares of the New York-based firm fell 83 cents to close regular trading at $37.43, in line with broader market trends. Its stock was unchanged in after-hours trading following the report.

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