T. Rowe Price reported record quarterly earnings of $15 million, or $0.49 a share, for the three months through June 30.
The Baltimore-based mutual fund giant's earnings were 30% higher than during the same period last year, when Price posted earnings of $11.5 million and earnings per share of $0.38.
For the first half of this year, the company also reached record highs, reporting earnings of $28.8 million for the period, which was $7 million more than the no-load mutual fund company earned during the first half of 1993.
Fees earned on assets under management were the driving force behind the company's record performance, said George J. Collins, president of the company.
During the second quarter of this year, Price also posted record revenues of $92.5 million, a 27% increase over the $72.7 million in revenues the company reported for the same period last year.