Mario Gabelli and his team slightly missed expectations last quarter, as revenue and earnings fell year-over-year.

On Tuesday Rye, New York-based Gamco Investors [profile] reported net income per share of $1.13 for the fourth quarter of 2014, down 12.4 percent from Q4 2013 and below expectations by $0.01. Revenue fell year-over-year to $116.751 million in Q4 2014, yet assets under management rose 1 percent year-over-year to $47.487 billion on December 31, 2014. Gamco suffered $1.114 billion in net ouflows in 2014, which the $2.234 billion in market appreciation more than made up for.

For all of 2014, net income per share dipped 5.7 percent to $4.28. Yet revenue rose 10.8 percent to $440.382 million in 2014.

Gamco's open-end equity mutual fund AUM rose 1.3 percent in Q4 2014 alone and 3.5 percent for the year, to $17.684 billion on December 31, 2014. Money fund AUM fell 14.3 percent in Q4 and 16.1 percent for the full year to $1.455 billion. 

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