MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication
an InvestmentWires' Publication
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MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication |
|
Thursday, July 25, 2002 Neuberger Misses Mark Neuberger Berman reported net inflows into its funds during the second quarter and stronger profits and margins in its mutual fund and institutional line of business. The good news, though, could not overcome the broader market. Fund assets at the firm dropped 2.0 percent to $35.1 billion due to market depreciation. The firm also missed the Street's consensus expectations for its overall earnings. The New York City-based value and high-net-worth specialist reported net earnings of $0.46 per share. Analysts had expected $0.48 per share. Executives also warned on a conference call that he firm will report lower than expected earnings for the year without a recovery in stock prices. Despite the fall in the stock market over quarter, Neuberger said that fund revenues grew 4.6 percent to $59.7 million from $57.1 million. Because of cost cutting, the bottom line for the business line grew 17.5 percent to $24.1 million from $20.5 million. Those numbers translate into pumped up margins for the fund unit. From the first to the second hit 40.3 percent. The group's margin was 35.9 percent in the first quarter. The margins were bolstered by net cash flows into the group of $1.3 billion, including $519 million into mutual fund products. That was a turn from a $151 million net outflow in the first quarter. Printed from: MFWire.com/story.asp?s=3179 Copyright 2002, InvestmentWires, Inc. All Rights Reserved |