Invesco ( NYSE: IVZ ) Q2 results on Wednesday came in weaker than expected as the asset manager saw its first net long-term outflow quarter in two years amid market volatility, said CEO and President Marty Flanagan.
Shares of IVZ are slipping 0.4% in premarket trading.
Nevertheless, the company redeemed almost $600M of debt, and thus "total debt outstanding at the end of the second quarter was the lowest level in seven years and our leverage profile continues to improve," Flanagan added.
Adjusted EPS of $0.39 in Q2 fell short of the average analyst estimate of $0.50 and dipped from $0.56 in Q1 and $0.78 in the year-ago period.
Adjusted net revenue of $1.17B also missed the consensus of $1.18B and decreased from $1.25B in Q1 and $1.30B in Q2 2021.
Q2 adjusted operating income of $411.9M compared with $494.6M in Q1 and $540.5M in Q2 of last year.
Assets under management for Q2 ended at $1.39T, down from $1.56T in Q1 and $1.53T in Q2 2021, driven by volatile markets.
Net long-term flows of -$6.8B in Q2 vs. $17.2B in Q1 and $31.1B in Q2 a year ago.
Previously, (July 12) Invesco AUM fell to $1.39T in June .
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Invesco Q2 earnings miss consensus on net long-term outflows, falling AUM