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AGF Management Plunges 5% After Missing Profit Estimates: Toronto Mover

AGF Management Ltd. (AGF/B), a Toronto-based mutual fund company, had its biggest decline in five months after reporting results that missed analysts’ estimates.

AGF fell 5.1 percent to C$16.03 at 10:47 a.m. in Toronto, its biggest drop since Aug. 8.

Fourth-quarter net income fell to C$21.9 million ($21.6 million), or 23 cents a share, from C$30.9 million, or 34 cents, in the year-earlier period, the company said today in a statement.

AGF was expected to earn 30 cents a share excluding items, according to the average estimate of eight analysts surveyed by Bloomberg News.

“We believe that the fourth-quarter earnings will likely reset expectations on the firm’s outlook,” Barclays Capital analyst John Aiken said today in a note to clients.

To contact the reporter on this story: Doug Alexander in Toronto at dalexander3@bloomberg.net

To contact the editor responsible for this story: David Scanlan at dscanlan@bloomberg.net

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