Ameriprise Financial (AMP) Tops Q1 EPS by 15c

Ameriprise Financial (NYSE: AMP) reported Q1 EPS of $3.75, $0.15 better than the analyst estimate of $3.60.

“Ameriprise delivered a solid quarter led by double-digit earnings growth in our Advice and Wealth Management business,” said Jim Cracchiolo, chairman and chief executive officer. “Overall, I’m pleased with our results given at the beginning of the year markets drove lower fee levels and muted client activity. As volatility settled, client activity returned to historical levels in line with what we expected. We ended the quarter with strong Ameriprise client net inflows and steady growth in advisor productivity.”

“Consistent with our stated objectives, we continue to invest and optimize our capital base. We’re taking action to accelerate an ongoing transformation of our business mix by adding capabilities that will drive future growth and freeing-up capital to invest in the business while returning to shareholders at a differentiated level. We announced the sale of Ameriprise Auto & Home Insurance, enhanced the overall risk profile of our fixed annuity business and returned more than $480 million to shareholders through share repurchases and dividends. And, we announced an eight percent increase in our regular quarterly dividend –- the twelfth increase in the past ten years –- as well as a new $2.5 billion share repurchase authorization. We’re in a strong position and will continue to take steps to enhance it.”

For earnings history and earnings-related data on Ameriprise Financial (AMP) click here.

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