Waddell & Reed Financial Reports $38M 3Q Profit

OVERLAND PARK, KS — Waddell & Reed Financial Inc., a investment adviser and mutual fund company, reported third-quarter net income of $38 million on Tuesday.

The Overland Park, Kansas-based company said it had profit of 45 cents per share.

The results exceeded Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of 40 cents per share.

The company posted revenue of $289.4 million in the period, also beating Street forecasts. Three analysts surveyed by Zacks expected $285.4 million.

Waddell & Reed shares have increased nearly 4 percent since the beginning of the year. The stock has climbed 16 percent in the last 12 months.

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