MILWAUKEE (AP) _ Artisan Partners Asset Management Inc. (APAM) on Tuesday reported first-quarter net income of $34.8 million.
The Milwaukee-based company said it had profit of 53 cents per share. Earnings, adjusted for non-recurring costs, were 66 cents per share.
The results surpassed Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 63 cents per share.
The investment management firm posted revenue of $202.8 million in the period.
Artisan Partners shares have declined 20% since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $25.99, a drop of 10% in the last 12 months.