Virtus Investment Partners, Inc. (NYSE: VRTS) has reported its financial results for the fourth quarter of 2024. The company's earnings per share * diluted stood at $4.66, while the adjusted earnings per share * diluted were reported at $7.50. Total sales for the quarter reached $6.4 billion, with net flows amounting to ($4.8) billion. The company also disclosed that its assets under management at the end of the period were recorded at $175.0 billion.
Comparing these figures to the previous quarter, the company's revenues increased by 9% to $233.5 million, and operating expenses rose by 4% to $182.8 million. Operating income saw a substantial 30% increase to reach $50.7 million, while the net income attributable to Virtus Investment Partners, Inc. grew by 8% to $33.3 million. The diluted earnings per share also showed growth, increasing by 11% to $4.66.
When considering the non-GAAP financial measures, revenues, as adjusted, grew by 10% to $212.0 million, while operating income, as adjusted, increased by 17% to $74.5 million. The net income attributable to Virtus Investment Partners, Inc., as adjusted, surged by 20% to $53.5 million, with the diluted earnings per share, as adjusted, rising by an impressive 23% to $7.50.
In terms of assets under management, the company experienced a 2% increase from the previous quarter, recording $175.0 billion at the end of the period. However, it's worth noting that this was a decrease from the prior quarter due to net outflows in institutional accounts and U.S. retail funds, as well as negative market performance.
Looking at the balance sheet, cash and cash equivalents increased by 11% to $265.9 million, while gross debt decreased by 9% to $236.1 million. The company ended the quarter in a net cash position of $29.8 million.
Following these announcements, the company's shares moved -3.9%, and are now trading at a price of $200.75. For more information, read the company's full 8-K submission here.
