GAMCO Investors, Inc. Provides Earnings Guidance for the Fourth Quarter of 2017
January 26, 2018 at 11:06 am EST
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GAMCO Investors, Inc. provided earnings guidance for the fourth quarter of 2017. The company announced that it expects to report earnings of between $0.44 to $0.46 per fully diluted share. This fourth quarter range reflects the estimated impact of the Tax Cuts and Jobs Act on GAMCO’s results. The company’s net deferred tax assets are expected to be reduced by $8.2 million, or $0.27 per diluted share, from the Act’s lower corporate tax rate. The company’s preliminary estimate, given no material changes in the business, of its 2018 effective tax rate is between 33% and 36% reflecting the estimated impact of the Act. The lower Federal tax rate benefit of the Act will likely be muted by the Act’s change to named executive officer compensation deductibility which removes the performance based compensation exception.
GAMCO Investors, Inc. is a provider of investment advisory services to open and closed-end funds semi-transparent exchange-traded funds (ETFs), and institutional and private wealth management. The Company manages assets on a fully discretionary basis and invests in a variety of United States and international securities through various investment styles, including value, growth, non-market correlated, and convertible securities. The Company conducts its investment advisory business principally through two subsidiaries: Gabelli Funds, LLC (24 open-end funds, 14 closed-end funds, five actively managed semi-transparent ETFs, and a societe d'investissement a capital variable (SICAV)) and GAMCO Asset Management Inc. (approximately 1,400 institutional and private wealth separate accounts, principally in the United States). It serves various client bases, including institutions, intermediaries, offshore investors, private wealth, and direct retail investors.
GAMCO INVESTORS, INC. 