Cohen & Steers Inc

Cohen & Steers closed out 2024 on a firm note, posting adjusted diluted EPS of $0.78 for the fourth quarter, ahead of the $0.74 consensus estimate by roughly 5%, while revenue of $139.78 million edged past expectations by 1.13% and grew 13.3% from a year earlier. The headline driver was a meaningful improvement in client flows, with net inflows of $860 million reversing the $935 million in net outflows recorded in Q4 2023, led by $1 billion flowing into U.S. real estate open-end funds. That flow recovery helped sustain fee-earning assets even as $6.10 billion in market depreciation pulled ending AUM down 6.5% sequentially to $85.80 billion. The adjusted operating margin widened to 35.5% from 34.7% a year ago, reflecting disciplined cost management as employee compensation held essentially flat quarter-over-quarter at $56.50 million. For the full year, GAAP revenue grew 5.7% to $517.42 million, with full-year average AUM of $83.90 billion exceeding the prior year's $79.90 billion.