OVERLAND PARK, Kan. (AP) _ Waddell & Reed Financial Inc. (WDR) on Tuesday reported fourth-quarter earnings of $15.9 million.

The Overland Park, Kansas-based company said it had net income of 23 cents per share. Earnings, adjusted for one-time gains and costs, came to 51 cents per share.

The results surpassed Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 42 cents per share.

The investment adviser and mutual fund company posted revenue of $270.1 million in the period.

For the year, the company reported profit of $115 mi...