Federated Hermes (FHI) Q1 Earnings Meet, Expenses Rise Y/Y

Federated Hermes, Inc.’s (FHI) first-quarter 2024 earnings per share of 89 cents met the Zacks Consensus Estimate. The bottom line increased from 78 cents in the year-ago quarter.An increase in net investment advisory fees and net administrative service fees are the major driving factors. However, higher expense levels were headwinds.Net income was $75 million, up 8% from the year-ago quarter.Revenues Improve, Operating Expenses RiseTotal revenues improved 4% year over year to $396.4 million. The top line s ...