Affiliated Managers (AMG) Q4 Earnings Top, Revenues Down Y/Y

Affiliated Managers Group Inc.’s (AMG) fourth-quarter 2023 economic earnings of $6.86 per share handily outpaced the Zacks Consensus Estimate of $6.00. The bottom line, however, declined 7.3% from the prior-year number.Results were aided by lower expenses and improvement in assets under management (AUM) balance, partially offset by a decline in revenues. Further, the company had a robust liquidity position.Economic net income was $242.9 million, down 16.3% year over year. Our estimate for this metric was $1 ...