Janus Capital Group 1Q Results Disappoint Investors

Janus Capital Group Inc.

reported that its net income dropped 21.3% to $35.1 million in the first quarter from $44.6 million in the year-ago quarter. Similarly, its earnings also slipped 17.4% to $0.19 a share from $0.23 a share in the comparable period. The earnings missed the Street analysts' expectations by a penny. Janus Capital Group's total revenues also dipped 5.4% to $248.5 million from $262.7 million in the previous year quarter. This is lower than the Street predictions of $253.78 million. The company's average assets under management were $180.2 billion, down from $186.0 billion in the first quarter of last year. Similarly, its complex-wide assets totaled $191.3 billion versus $192.4 billion in the prior year quarter. The company blamed the fall in complex-wide assets to net market deprecation of $1.3 billion and long-term net outflows of $0.3 billion, which was partially offset by exchange-traded product net inflows of $0.6 billion. On Monday, the stock traded 0.9% down.