DENVER — Shares of Janus Capital Group Inc. rose sharply Thursday after the investment manager said its second-quarter profit rose 36 percent, beating analysts’ expectations.
The stock added $3.01, or 11 percent, to $30.41 in midday trading. Shares have traded between $20.69 and $37.08 during the past year.
Net income for the quarter ended June 30 rose to $66.3 million, or 41 cents per share, from $48.8 million, or 27 cents per share, during the same quarter last year.
The latest quarter’s results include a one-time tax benefit of about 6 cents per share.
Analysts polled by Thomson Financial, on average, forecast earnings of 30 cents per share.
Earnings rose during the second quarter as fee income rose across all segments despite volatility in the markets. Investment management fees increased 9 percent to $239.8 million. Performance fees more than tripled to $11.6 million, while shareowner servicing fees grew 9 percent to $52.8 million.
Total revenue increased to $304.2 million from $273 million.
Total assets under management rose to $191.8 billion at the end of June, from $187.6 billion three months earlier.
“The company’s leading investment performance is driving continued strength in flows, which should support assets under management growth in today’s volatile markets,” Goldman Sachs analyst Marc Irizarry wrote in a research note.
Irizarry estimated Janus Capital would earn 30 cents per share, excluding the one-time tax benefit.
2010 and 20 percent in 2011 and 2012 — with steadily rising prices as well.
