Federated Hermes Posts Q3 Net Income of $111.9 Million, Tops Estimates

Federated Hermes Inc. (FHI) on Thursday reported third-quarter net income of $111.9 million, or $1.50 per share, exceeding Wall Street expectations. The Pittsburgh-based money manager posted revenue of $507.3 million for the period, also topping forecasts. Four analysts surveyed by Zacks Investment Research had projected earnings of $1.42 per share, while three expected revenue of $505.8 million. Federated Hermes is one of the nation's largest managers of money market funds.