Waddell & Reed's 4Q Profit Jumps

Waddell & Reed earned $35.1 million, or 42 cents per share, in the fourth quarter, compared with profit of $30 million, or 36 cents per share, in the fourth quarter of 2006.

Revenue, which the company collects through underwriting and investment-management fees, climbed 27 percent to $236.1 million from $185.7 million.

Analysts polled by Thomson Financial forecast profit of 42 cents per share on revenue of $229 million.

Waddell & Reed's 2,293 financial advisers booked an average of $334,000 in sales each during the fourth quarter, compared with $234,000 per adviser in the fourth quarter of 2006.

Investment-management fees climbed 29 percent to $105.3 million. Underwriting and distribution fees grew 30 percent to $106.3 million.