The Baltimore-based company said on Friday that its earnings for the quarter surged to $53.8 million, or 42 cents a share, from $51.9 million, or 40 cents a share in the same period a year ago.

T. Rowe’s total net cash inflows in the quarter were $4 billion; half of it flew into the mutual funds segment. The company’s mutual funds saw the highest quarterly net inflows since the third quarter of 1997.

Total assets under management at the end of June were $161.2 billion, up 15.2 percent from $139.9 billion at the beginning of the second quarter.

Net revenue fell to $237.5 million from $240.3 million in the same period a year ago.

T. Rowe Price shares closed up 2.3 percent at $40.35 on Friday.

Pfizer Inc. (PFE: chart), the world's largest drugmaker, reported a second-quarter net loss due to costs related to the $60 billion acquisition of Pharmacia Corp. Net loss accounted for $3.59 billion, or 48 cents a share, compared with net income of $1.96 billion, or 32 cents a share in the same period a year ago.

Dynegy Inc. (DYN: chart), an oil and gas company based in Houston, Texas, narrowed its loss in the second quarter to $1 a share from $1.76 a share in the same period a year ago. The company lost $290 million amid departure from its energy trading business and legal charges. Revenue fell to $1.05 billion from $1.36 billion in the year-ago period.

Wood products company Weyerhaeuser (WY: chart) more than doubled its profit in the second quarter due to a sale of timberlands in western Washington. The Federal Way-based company posted net income of $157 million, or 71 cents a share, compared with $72 million, or 32 cents a share, in the same year-ago period.

Long-haul truckload carrier Marten Transport (MRTN: chart) based in Mondovi, Wisconsin, said its net income in the second quarter jumped to 53 cents a share from 44 cents a share in the same period a year ago. Revenue climbed 14 percent to $84.2 million. Results reflect strong shipping demand and cost-control efforts.

The Great Atlantic & Pacific Tea Co. (GAP: chart), which operates the A&P supermarket chain, reported first-quarter net income of $20.3 million, or 52 cents a share, including gains from the sale of retail operations in northern New England and Wisconsin. In the same period a year ago the company had net income of $1.9 million, or 5 cents a share.

Advantest Corp. (ATE: chart), a major Japanese maker of chip testing equipment, said Friday it earned 143 million yen ($1.2 million) in the quarter ended June 30, 2003 due to cost cutting and a pickup in the global semiconductor market. Revenue rose 86 percent to 27.1 billion yen from 14.6 billion yen in the same quarter last year.

Week Ahead

The earnings focus this week falls on companies in the energy, consumer goods, financial and airline sectors.

Expect the earnings releases of American Express (AXP: chart), DuPont (DD: chart), ExxonMobil (XOM: chart), Disney (DIS: chart) and Procter & Gamble (PG: chart).

Japanese electronics companies NEC Corp. (NIPNY: chart) and Matsushita Electric Industrial Co. (MC: chart), as well as Japan's biggest heavy machinery maker Mitsubishi Heavy Industries are also on the line.