PITTSBURGH (AP) — PITTSBURGH (AP) — Federated Hermes, Inc. (FHI) on Thursday reported fourth-quarter net income of $56.7 million.
The Pittsburgh-based company said it had net income of 60 cents per share. Earnings, adjusted for non-recurring costs, were 62 cents per share.
The results fell short of Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of 84 cents per share.
The one of the nation's largest managers of money market funds posted revenue of $285.4 million in the period. Its adjusted revenue was $200.8 million, which also missed Street forecasts. Four analysts surveyed by Zacks expected $396.4 million.
For the year, the company reported profit of $299 million, or $3.40 per share. Revenue was reported as $1.61 billion.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on FHI at https://www.zacks.com/ap/FHI