Federated Investors Inc., a Pittsburgh investment management company, said in a preliminary report that its first-quarter net income increased 7.7% from a year earlier, to $55.8 million, or 55 cents a share, missing the average analyst expectation by 7 cents.
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Revenue for the quarter increased 16%, to $305.7 million, according to the report, issued Monday.
The average forecast of analysts polled by Thomson Financial Inc. called for Federated to report revenue of $309.2 million.
Federated's assets under management increased 35.1%, to $338.5 billion, and the company had $40.9 billion of inflows into its money market funds.
It plans to release its full financial and operational results this month.
