T. Rowe Price Beats Q3 Earnings Estimates But Sees Outflows and Falling Assets

T. Rowe Price reported Q3 EPS of $2.17, beating estimates by $0.40. Revenue of $1.67B also beat by $20M.

Net client outflows were $17.4B in Q3. Assets under management down to $1.35T.

Expenses increased due to 7.5% higher salaries to $1.089B.

Through buybacks and dividends, TROW has returned $992M to shareholders year-to-date.

TROW's GAAP EPS was actually up year-over-year, despite the focus on non-GAAP EPS.