Invesco reports Q3 adj. EPS 70c, consensus 57c
Reports Q3 revenue $1.23B, consensus $1.23B. Marty Flanagan, President and CEO said, "We've made tremendous progress in the integration of OppenheimerFunds, which deepens relationships with US clients and expands the capabilities we can offer domestically and internationally, while further scaling our business for the benefit of clients and shareholders. Financial performance, excluding costs related to the integration, was very strong for the quarter as the combined business focused on meeting client needs and operating more efficiently and effectively. Net revenues climbed 19.1% to $1.2 billion, and our operating margin rose to 40.9%, up from 35.2% in the prior quarter. Earnings per share climbed 7.7% to $0.70 from $0.65 in the second quarter. We're pleased to announce that we've achieved annualized expense synergies of $501 million for the integrated business, ahead of schedule and $26 million above our original target. The financial and operating strength of the firm enabled us to return $441 million to common shareholders during the quarter through dividends and stock buybacks. Gross sales were up 7.7% in the quarter, and long-term net outflows totaled $11.1 billion, versus net outflows of $3.9 billion in the prior quarter as clients reacted to market news by de-risking and reallocating their portfolios. During the quarter we saw outflows from our retail businesses in the Americas and the UK, partially offset by positive net flows in China, EMEA ex UK and our ETF businesses."