T. Rowe Price Associates Inc. said yesterday that its third quarter earnings rose 30 percent as a new securities processing business and lower short-term interest rates helped the Baltimore-based mutual fund firm post better-than-expected results.
T. Rowe Price earned $8.7 million, or 58 cents a share, during the three months that ended Sept. 30. In the same months of 1990, the company earned 45 cents a share.
"The earnings were good, better than we were expecting," said Dean Eberling, an analyst who follows T. Rowe Price for Shearson Lehman Bros. Inc. in New York. "The mutual fund business this year is very good. We're seeing a buildup of the momentum that started two years ago."