Waddell & Reed Q2 Profit Down, Yet Tops Consensus; Revenue Misses View

(RTTNews) - Waddell & Reed Financial Inc. (WDR) reported second-quarter net income of $24.8 million or $0.38 per share compared to $33.9 million or $0.45 per share last year.

Revenues totaled $240.0 million for the quarter, versus $270.2 million generated in the prior year period.

Analysts polled by Thomson Reuters expected earnings of $0.32 per share on revenue of $242.88 million for the quarter. Analysts' estimate typically exclude certain special items.

Philip Sanders, Chief Executive Officer of Waddell & Reed Financial, said, "Despite the continued challenging circumstances as we navigate the global pandemic, our teams have remained focused on delivering quality service to our clients and affiliated advisors every day while executing on the key components of our long-term vision and growth strategy. We continue to make measurable progress in a number of key areas of our strategy, while maintaining a strong financial profile."