Eaton Vance’s Earnings Fall But Top Expectations

It’s still been a good year for the asset management stocks. Eaton Vance (EV) is up over 40% for us. Reuters reports:

Asset manager Eaton Vance Corp said fiscal third-quarter net income fell 37 percent compared with a year ago as fees decreased.
For the three months that ended July 31, Boston-based Eaton Vance reported net income of $31.2 million, or 26 cents per share, down from $49.6 million, or 40 cents a share in the same period a year ago. Revenue fell 19 percent to $228 million.
Analysts surveyed by Thomson Reuters on average had expected the company to earn 28 cents per share, and revenue of $224.5 million for the quarter.
Revenue and net income rose compared with the quarter that ended April 30, 2009, however, as did assets under management. Eaton Vance managed $143.7 billion in assets as of July 31, up from $127.2 billion in the previous quarter. The increases were similar to those at other asset managers that have benefited from rising stock markets.

Posted by on August 19th, 2009 at 9:57 am


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