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A.G.F. Management reports lower results but beats estimates; shares waver

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A.G.F. Management (TSE:AGF.B) fluctuated in today’s trading as the Canadian mutual fund company reported lower results that beat market expectations.

Net income fell 32 percent to C$13.6 million, or C$0.16 per diluted share, in the three months ended February 28, from C$17.1 million, or C$0.23 per diluted share, a year earlier, the Toronto-based company said in a statement today.

Diluted earnings from continuing operations were C$0.16 per share, compared with C$0.20 per share lasts year.

Revenue fell to C$111.7 million from $116 milion a year earlier. Management and advisory fees fell 5.4 percent to C$102.5 million.

Analysts, on average, had predicted earnings of $0.14 per share on revenue of C$111.2 million, according to Capital IQ.

Total AUM increased to $36.7 billion at February 28, from $36.1 billion at February 28 last year.

Shares were flat at C$8.51 at 1:53 p.m. in Toronto. The stock has lost 31 percent over the past year.

"Our primary objective is to help our clients succeed and in doing so, create shareholder value," chief investment officer Kevin McCreadie said in the statement.

"Our investment performance is improving as is reflected by 51% of our ranked AUM for the three-year period now above median, a significant improvement from 22% a year ago. AGF has a number of attractive investment platforms that - along with a sustained focus on improving investment performance - will support growth in our business."

Also today, A.G.F. declared a dividend of $0.08 per share on both the Class B Non-Voting shares and the Class A Voting common shares of the company. This dividend will be payable on April 17 to shareholders of record on April 9.

Quick facts: AGF Management

Price: 5.85 CAD

TSX:AGF.B
Market: TSX
Market Cap: $450.03 m
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