Eaton Vance Q4 Results Miss View - Quick Facts

(RTTNews) - Investment management company Eaton Vance Corp. (EV), Tuesday reported an increase in net income for the fourth-quarter, with higher revenues. However, results for the three-month period missed the analysts expectations.

Quarterly net income attributable to the company grew to $57.1 million, from last year's $53.1 million, while earnings per share remained flat at $0.45.

On an adjusted basis, earnings amounted to $69.95 million or $0.55 per share in the recent period. On average, thirteen analysts polled by Thomson Reuters expected the company to report earnings per share of $0.59 for the quarter. Analysts' estimates typically exclude one-time items.

For the quarter, revenue went up 15 percent to $356.93 million, from $309.9 million reported a year before. Investment advisory and administrative fees grew 18 percent, reflecting a 38 percent growth in average consolidated assets under management offset by lower average effective fee rates, mainly as a result of the Clifton acquisition. Analysts projected revenues of $363.1 million for the recent quarter.