Federated Hermes (FHI) Q2 Earnings Top Estimates, AUM Rise

Net income (GAAP basis) of $21 million plunged 71% from the year-ago quarter's tally. Our Viewpoint Strong Asset Position An increase in net administrative service fees is a major driving factor. The company's assets under management (AUM) touched a record level. However, the downtick in revenues and a higher expense base acted as a headwind. Total revenues declined 7% year over year to $402.6 million. The top line surpassed the Zacks Consensus Estimate of $397.4 million. Quarterly net investment advisory f ...