Cohen & Steers Inc. Announces Consolidated Unaudited Earnings Results for the First Quarter Ended March 31, 2016; Provides Tax Rate Guidance for the Year 2016
April 20, 2016 at 05:50 pm EDT
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Cohen & Steers Inc. announced consolidated unaudited earnings results for the first quarter ended March 31, 2016. For the quarter, the company reported total revenues of $79,681,000 compared with $83,815,000 for the same period a year ago. Operating income was $28,307,000 compared with $34,549,000 for the same period a year ago. Income before provision for income taxes was $28,950,000 compared with $32,997,000 for the same period a year ago. Net income attributable to common stockholders was $18,083,000 or $0.39 per diluted share compared with $20,816,000 or $0.45 per diluted share for the same period a year ago.
The company project that effective tax rate will remain at approximately 38% for 2016.
Cohen & Steers, Inc. is a holding company, which is engaged in global investment management. The Company is specialized in real assets and alternative income, including listed and private real estate, preferred securities, infrastructure, resource equities, commodities, as well as multi-strategy solutions. The Companyâs distribution network encompasses two channels, wealth and institutional. Its wealth channel includes registered investment advisers, wire houses, independent and regional broker dealers and bank trusts. Its institutional channel includes sovereign wealth funds, corporate plans, insurance companies and public funds, including defined benefit and defined contribution plans, as well as other financial institutions that access its investment management services directly or through consultants and other intermediaries. The Company manages three types of investment vehicles, such as open-end funds, institutional accounts, and closed end.
Cohen & Steers Inc. Announces Consolidated Unaudited Earnings Results for the First Quarter Ended March 31, 2016; Provides Tax Rate Guidance for the Year 2016