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Artisan Partners beats 1Q profit forecasts

MILWAUKEE (AP) _ Artisan Partners Asset Management Inc. (APAM) on Thursday reported first-quarter profit of $19.8 million.

The Milwaukee-based company said it had profit of 37 cents per share. Earnings, adjusted for non-recurring costs, were 52 cents per share.

The results surpassed Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 50 cents per share.

The investment management firm posted revenue of $184.1 million in the period.

Artisan Partners shares have decreased 2.5 percent since the beginning of the year. In the final minutes of trading on Thursday, shares hit $29, a drop of 14 percent in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on APAM at https://www.zacks.com/ap/APAM

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Keywords: Artisan Partners Asset Management, Earnings Report