Summary
Affiliated Managers Group, Inc. (AMG) reported on its third-quarter 2014 activities, focusing on its operational controls and equity repurchase program. The company confirmed no significant changes to its market risk disclosures, referring investors to its previous annual filing for details. Management has evaluated and concluded that AMG's disclosure controls and procedures remain effective at a reasonable assurance level, ensuring timely and accurate reporting of financial information. Furthermore, there were no material changes to internal control over financial reporting during the quarter. AMG also provided an update on its share repurchase program. During the three months ended September 30, 2014, the company repurchased approximately 250,000 shares of its common stock at an average price of $206.81 per share. As of the end of the quarter, roughly 2.0 million shares remained available for repurchase under existing authorized programs, which do not have an expiration date and are executed at management's discretion.
Financial Highlights
38 data points| SG&A Expenses | $114.40M |
| Operating Expenses | $416.10M |
| Operating Income | $224.20M |
| Interest Expense | $19.00M |
| Net Income | $103.20M |
| EPS (Basic) | $1.86 |
| EPS (Diluted) | $1.82 |
| Shares Outstanding (Basic) | 55.60M |
| Shares Outstanding (Diluted) | 58.80M |
Key Highlights
- 1Disclosure controls and procedures were evaluated and found to be effective at a reasonable assurance level by management, including the CEO and CFO.
- 2No material changes to internal control over financial reporting occurred during the quarter.
- 3The company repurchased approximately 250,000 shares of its common stock during the third quarter of 2014.
- 4The average purchase price for repurchased shares in the quarter was $206.81.
- 5Approximately 2.0 million shares remain authorized for repurchase under existing programs as of September 30, 2014.
- 6These share repurchase programs do not expire and purchases are made at management's discretion.