Eaton Vance Q2 Profit Rises

(RTTNews) - Eaton Vance Corp. (EV) reported that its net income attributable to shareholders for the second quarter of fiscal 2017 grew to $71.98 million from $54.97 million last year. Earnings per share were $0.62, an increase of 29 percent from $0.48 of earnings per share in the second quarter of fiscal 2016.

Quarterly revenue increased 16 percent to $374.6 million from $323.3 million in the second quarter of fiscal 2016. Management fees were up 16 percent, as a 22 percent increase in average consolidated assets under management more than offset lower average management fee rates.

Analysts polled by Thomson Reuters expected the company to report earnings of $0.59 per share and revenues of $368.12 million. Analysts' estimates typically exclude special items.

Consolidated net inflows of $12.9 billion in the second quarter of fiscal 2017 represent a 14 percent annualized internal growth rate in managed assets. This compares to net inflows of $2.1 billion and 3 percent annualized internal growth in the second quarter of fiscal 2016 and net inflows of $7.8 billion and annualized internal growth of 9 percent in the first quarter of fiscal 2017. On the basis of net contribution to management fee revenue, the Company's annualized internal revenue growth rate was 7 percent in the second quarter of fiscal 2017, 1 percent in the second quarter of fiscal 2016 and 7 percent in the first quarter of fiscal 2017.

Average consolidated assets under management were $376.5 billion in the second quarter of fiscal 2017, up 22 percent from $309.5 billion in the second quarter of fiscal 2016 and up 9 percent from $344.9 billion in the first quarter of fiscal 2017.