Federated(US:FHI) Prnewswire·2025-01-30 21:17Financial Performance - Q4 2024 diluted EPS was $1.04, up from $0.96 in Q4 2023, with net income of $84.7 million compared to $82.2 million in Q4 2023 [1] - Full-year 2024 EPS was $3.23, down from $3.40 in 2023, with net income of $268.3 million compared to $299.0 million in 2023 [1] - Full-year 2024 results included a $66.3 million non-cash expense related to the impairment of an intangible asset [1] Assets Under Management - Total managed assets reached a record $829.6 billion at Dec 31, 2024, up 10% from $757.6 billion at Dec 31, 2023 [2] - Average managed assets for Q4 2024 were $804.4 billion, up 10% from $728.0 billion in Q4 2023 [2] - Money market assets reached a record $630.3 billion at Dec 31, 2024, up 13% from $560.0 billion at Dec 31, 2023 [7] Revenue and Expenses - Q4 2024 revenue increased 8% to $424.7 million, driven by higher average money market and equity assets [8] - 51% of Q4 2024 revenue came from money market assets, 48% from long-term assets, and 1% from other sources [8] - Operating expenses increased 9% in Q4 2024, primarily due to higher compensation and distribution expenses [9] Asset Class Performance - Equity assets were $79.4 billion at Dec 31, 2024, down 5% from $83.6 billion at Sept 30, 2024 [4] - Fixed-income assets were $98.1 billion at Dec 31, 2024, up 3% from $94.9 billion at Dec 31, 2023 [5] - Alternative/private markets assets were $18.9 billion at Dec 31, 2024, down 8% from $20.6 billion at Dec 31, 2023 [6] Dividend and Share Repurchase - The board declared a quarterly dividend of $0.31 per share, payable on Feb 14, 2025 [3] - In Q4 2024, the company purchased 552,533 shares of Class B common stock for $22.1 million [3] Industry Position - The company ranks in the top 7% of equity fund managers, top 9% of money market fund managers, and top 10% of fixed-income fund managers [20] - The company manages $829.6 billion in assets and serves over 10,000 institutions and intermediaries worldwide [19]