Amerirprise Financial Up 5% After Reporting Earnings Yesterday
Shares of Ameriprise Financial (NYSE: AMP) are up more than 5% after the company reported earnings yesterday.
The company reported fourth quarter 2011 operating earnings of $312 million, or $1.33 per diluted share, compared to $340 million, or $1.31 per diluted share, a year ago. Net income from continuing operations attributable to Ameriprise Financial for the fourth quarter of 2011 was $240 million, or $1.02 per diluted share, compared to $306 million, or $1.18 per diluted share, a year ago.
The decline in fourth quarter 2011 operating earnings primarily reflected lower revenues compared to a year ago. Fourth quarter 2011 operating net revenues declined 2 percent to $2.5 billion from lower hedge fund performance fees, the continued low interest rate environment, and the impact of market volatility, partially offset by growth in asset-based fees from retail client net inflows.
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