News Flash- T. Rowe Warns of 30% Dip In First-Quarter Earnings
April 21, 2003
T. Rowe Price Chairman George A. Roche said first-quarter earnings would fall significantly below the 41 cents per share earned in the first quarter of 2002. The results, which are scheduled to be released this Friday, could be 30% lower, Roche said.
Decline in domestic and foreign equity markets had the biggest impact on results, pushing investment advisory fees down 10% from year-ago levels, Roche said. T. Rowe managed $140 billion at the end of March, down 12% from $159.8 billion a year earlier, according to the firm.
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