GAMCO Investors, Inc. [profile] reported third quarter 2012 earnings of $19.0 million or $0.72 per fully diluted share, versus $7.7 million or $0.29 per fully diluted share in the third quarter 2011.

The earnings consensus for GAMCO was $0.71, according to Zacks.

Revenues in the third quarter of 2012 were $82.2 million, including incentive fees of $0.8 million, up $2.0 million, or 2.6 percent, from $80.2 million, including $1.0 million in incentive fees, in the prior year quarter. Operating income before management fee was $32.1 million, a 0.1 percent increase from the $32.0 million in the prior year period as operating margin before management fee fell slightly to 39.0 percent from 40.0 percent.

AUM at September 30, 2012 were a record $36.9 billion, an increase of 17.9% from AUM of $31.3 billion at September 30, 2011 and 3.6% above the June 30, 2012 AUM of $35.7 billion. During the third quarter of 2012, it had net outflows of $356 million versus net inflows of $111 million in the second quarter of 2012 and $899 million of inflows in the third quarter of 2011.

GAMCO’s open-end equity funds’ AUM were $12.8 billion on September 30, 2012, 11.2% above the $11.5 billion on September 30, 2011 and 2.1% higher than the $12.5 billion on June 30, 2012. Net outflows for its open-end equity funds were $366 million during the third quarter of 2012 versus net outflows of $194 million for the second quarter of 2012 and net inflows of $347 million during the third quarter of 2011.  

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