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Jun 30, 2023
Diamond Hill Q2 2023 Earnings Report
Diamond Hill's Q2 2023 results were impacted by lower average assets under management and advisement, but strong markets and improved long-term performance helped deliver improvement by quarter end.
Key Takeaways
Diamond Hill Investment Group reported net income attributable to common shareholders of $9.4 million, or $3.18 per diluted share, compared to $4.4 million, or $1.40 per diluted share, for the second quarter of 2022. Revenue was $33.4 million, compared to $39.0 million for the second quarter of 2022. Average AUM and AUA combined were $26.8 billion, compared to $30.1 billion for the second quarter of 2022.
Assets under management and assets under advisement combined were $27.9 billion as of June 30, 2023, compared to $27.6 billion as of June 30, 2022.
Net client outflows were $103.0 million, compared to $515.0 million of net outflows for the second quarter of 2022.
Operating profit margin was 23%, compared to 52% for the second quarter of 2022.
The Company returned $14.7 million to shareholders - $10.3 million through the repurchase of 62,584 shares and $4.4 million through a quarterly cash dividend of $1.50 per share.
Forward Guidance
The Company may make forward-looking statements, and readers are cautioned not to place undue reliance on them.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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