AssetMark Financial (AMK) Misses Q1 Earnings Estimates

Company Performance - AssetMark Financial reported quarterly earnings of $0.60 per share, missing the Zacks Consensus Estimate of $0.61 per share, but showing an increase from $0.53 per share a year ago, representing an earnings surprise of -1.64% [1] - The company posted revenues of $190.27 million for the quarter ended March 2024, surpassing the Zacks Consensus Estimate by 2%, compared to year-ago revenues of $176.56 million [1] - Over the last four quarters, AssetMark Financial has surpassed consensus EPS estimates two times and topped consensus revenue estimates two times [1] Stock Performance - AssetMark Financial shares have increased by approximately 12.9% since the beginning of the year, outperforming the S&P 500's gain of 5.6% [2] Earnings Outlook - The current consensus EPS estimate for the coming quarter is $0.65 on revenues of $194.03 million, and for the current fiscal year, it is $2.65 on revenues of $780.66 million [4] - The estimate revisions trend for AssetMark Financial is currently favorable, leading to a Zacks Rank 2 (Buy) for the stock, indicating expected outperformance in the near future [4] Industry Context - The Financial - Investment Management industry, to which AssetMark Financial belongs, is currently in the top 29% of over 250 Zacks industries, suggesting a positive outlook for stocks in this sector [5] - Victory Capital Holdings, another company in the same industry, is expected to report quarterly earnings of $1.21 per share, reflecting a year-over-year change of +12% [5]