StepStone Group Q1 revenue rises 4%, adjusted net income up 24%
STEP•Quarterly results
StepStone Group said fiscal Q1 revenue rose 4% year over year, while adjusted net income increased 24% year over year.
The company declared a quarterly cash dividend of $0.33 per share, up from $0.28 in the prior quarter.
Drivers and outlook
Management said higher management and advisory fees, especially from focused commingled funds, drove revenue growth.
The company reported a 28% year-over-year drop in performance fees, which tempered overall revenue growth.
StepStone said assets under management and assets under advisement increased, supporting growth in fee revenues.
The company did not provide specific guidance or outlook for the current quarter or full year.
Key figures and market context
| Metric | Actual |
|---|---|
| Q1 revenue | $378.89 million |
| Q1 adjusted net income | $60.30 million |
The current average analyst rating on the shares is buy, with 7 strong buy or buy ratings, 1 hold, and no sell or strong sell ratings.
