Don't be surprised if you catch Henry Herrmann smiling this morning as Waddell & Reed's [profile] beat the street.

Shareholders of the broker-dealer and asset manager saw profits rise 26 percent in the second quarter while net inflows more than doubled, from $376 million in the second quarter last year to $935 in the second quarter this year, Reuters' Ashutosh Pandey reports.

Net income went up from $0.48 per share, or $52 million, a year earlier to $0.61, or $41.2 million in this year's second quarter. Its AUM was $104 billion, a bump of 17 percent from a year ago, Pandey writes. The firm beat Wall Street expectations of $0.64 adjusted EPS income by reporting $0.67 per share and beat the annual revenue estimate of $327 million, according to Wall Street Cheat Sheet.

To read more, click here and here. 

Edited by: Casey Quinlan


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