T. Rowe Price Q1 2023 Earnings Report
Key Takeaways
T. Rowe Price Group reported Q1 2023 results with diluted EPS of $1.83 and adjusted diluted EPS of $1.69. Quarter-end assets under management reached $1.34 trillion, despite net client outflows of $16.1 billion. The company's investment advisory fees were $1,391.8 million, and net revenues totaled $1,537.6 million.
Assets under management increased $67.0 billion to $1.34 trillion.
Net revenues decreased 17.5% from Q1 2022, primarily driven by lower markets and net outflows.
The investment advisory fee annualized effective fee rate decreased from 43.2 basis points earned in Q1 2022 to 42.7 basis points.
The firm employed 7,837 associates at March 31, 2023, a decrease of .4% from the end of 2022 and an increase of 3.5% from March 31, 2022.
T. Rowe Price
T. Rowe Price
Forward Guidance
The firm estimates that its effective tax rate for the full year 2023 will be in the range of 26% to 30%, on a U.S. GAAP basis, and 26.5% to 29.5%, on a non-GAAP basis.