Virtus Investment (VRTS) Reports Strong Q3 2024 Results

By Bobby Samwell • Friday, October 25 10:26 • Permanent Link

Virtus Investment Partners, Inc. (NYSE: VRTS) has reported its financial results for the third quarter of 2024, showing significant improvements in various key metrics compared to the same period last year and the preceding quarter.

The company's earnings per share * diluted saw a substantial increase, reaching $5.71 for the quarter, a 36% rise from the same period in 2023. Furthermore, the adjusted earnings per share * diluted stood at $6.92, marking an 11% increase from the previous quarter.

Total sales for the quarter were reported at $6.6 billion, reflecting a 14% increase from the third quarter of 2023. Notably, the net flows improved to ($1.7) billion, showcasing a 34% reduction from the preceding quarter.

Assets under management also exhibited positive growth, reaching $183.7 billion, a 13% increase from the third quarter of 2023 and a 6% increase from the second quarter of 2024.

When comparing GAAP financial measures, operating income surged by 23% to $55.3 million, driven by a 5% decrease in operating expenses and a 1% increase in revenues.

Non-GAAP financial measures also displayed encouraging results, with operating income, as adjusted, reaching $70.5 million, reflecting a 5% increase from the previous quarter. Additionally, net income attributable to Virtus Investment Partners, Inc., as adjusted, per diluted share, rose to $6.92, marking a 6% increase from the prior quarter.

The company's balance sheet also showed positive developments, with gross debt decreasing by 14% to $241.8 million, and net debt (cash) decreasing by 45% to $46.2 million, both sequentially from the prior quarter.

These impressive results reflect the company's strong performance and strategic initiatives in managing investment products and services.

Virtus Investment Partners, Inc. will be hosting an investor conference call and webcast to discuss these financial results and related matters on October 25, 2024, at 10 a.m. Eastern Time. Today the company's shares have moved 2.1% to a price of $217.44. If you want to know more, read the company's complete 8-K report here.

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