UPDATE: Waddell & Reed Reports 14% Drop In Q4 Profit

Waddell & Reed Financial Inc WDR reported a 14% drop in its fourth-quarter profit. Waddell & Reed's quarterly net income fell to $40.0 million, or $0.47 per share, from $46.4 million, or $0.54 per share, in the year-ago period. However, analysts were expecting earnings of $0.48 per share. Waddell & Reed's net inflows for the period came in at $42 million. Waddell & Reed shares closed at $29.58 yesterday.