Associated Capital Group (AC) Q4 2024 earnings summary

Executive summary

• Year-end assets under management (AUM) were $1.25 billion, down from $1.59 billion at the end of 2023, primarily due to net outflows and currency impacts, partially offset by market appreciation.

• Book value per share was $42.14 at year-end 2024, reflecting $2.20 per share in dividends paid, nearly unchanged from $42.11 a year ago.

• Net income for 2024 was $44.3 million, up from $37.5 million in 2023; EPS rose to $2.08 from $1.72 year-over-year.

• Returned $58.6 million to shareholders in 2024 through dividends and share repurchases.

• Sold 1.15 million shares of GAMCO to GAMCO for $30.4 million, contributing to investment income.

Financial highlights

• Revenues for 2024 were $13.2 million, up from $12.7 million in 2023; Q4 revenues were $5.2 million, down from $5.6 million in Q4 2023.

• Operating loss before management fee (Non-GAAP) was $12.9 million for 2024, compared to $11.5 million in 2023.

• Net investment and other non-operating income was $71.5 million in 2024, up from $63.8 million in 2023, mainly due to higher dividend income from GAMCO.

• Income tax rate for 2024 was 15.8%, down from 19.5% in 2023, driven by deferred tax benefits from the GAMCO share sale.

• Cash and investments per share at year-end were $40.78.

Outlook and guidance

• Plans to accelerate capital deployment through acquisitions and alliances to broaden product offerings and distribution.

• Intends to continue share repurchases, subject to market and macroeconomic conditions.