Federated Hermes, Inc. reported its fourth-quarter and full-year 2024 financial results, with Q4 diluted earnings per share (EPS) of $1.04, an increase from $0.96 in Q4 2023. Full-year 2024 EPS was $3.23, which included a $66.3 million non-cash impairment charge in Q2 2024. Net income for Q4 2024 was $84.7 million, up from $82.2 million in the prior year.
The company reached a record $829.6 billion in total managed assets at December 31, 2024, representing a 10% increase from $757.6 billion at the end of 2023. Money market assets were a primary driver, growing to a record $630.3 billion, up 13% year-over-year. Long-term assets also saw positive developments, with MDT fund and SMA offerings achieving $3.5 billion in net sales in 2024, a significant increase from $411 million in 2023.
Revenue for Q4 2024 increased by $33.2 million, or 8%, primarily due to higher average money market and equity assets. For the full year, revenue increased by 1% to $1.632 billion. Federated Hermes continued its capital allocation strategy by repurchasing 552,533 shares for $22.1 million in Q4 2024, bringing the total for 2024 to 4,012,017 shares for $133.6 million. The company also launched four new MDT fundamental quantitative ETFs in 2024, expanding its product suite.
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