The following is a summary of the Cohen & Steers, Inc. (CNS) Q2 2024 Earnings Call Transcript:

Financial Performance:

• Cohen & Steers reported Q2 2024 earnings per share of $0.68, a slight decrease from $0.70 in the same quarter the previous year.

• Q2 revenue was $122 million, a marginal increase from $120.3 million in Q2 2023.

• Operating income for Q2 2024 was $42.5 million, compared to $43.8 million in Q2 2023.

• The company experienced a slight decrease in operating margin to 34.9%, down from 35.5% in the previous quarter.

Business Progress:

• Assets under management decreased by approximately 1% to $80.7 billion at the end of Q2 2024.

• The recent registered stock offering raised $68.5 million, enhancing the firm's liquidity which now totals $325.1 million.

• Plans for future growth include launching active ETFs and scaling offshore funds.

• Leadership changes with the appointment of Raja Dakkuri as the new CFO and Dan Noonan as Head of Wealth Distribution.

Opportunities:

• Cohen & Steers is well-positioned to benefit from market shifts with the anticipation of lower interest rates, which should favor their real estate and infrastructure investment strategies.

• The launch of the Future of Energy Fund and a strategic focus on power demand and energy markets offer growth prospects.

• Expansion plans in Asia and further development of listed real estate and infrastructure investments.

Risks:

• Persisting macroeconomic challenges and shifts in market regimes, compounded by investor rebalancing and reallocations away from equities and interest rate-sensitive assets.

More details: Cohen & Steers IR

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