Eaton Vance Earnings: Here’s Why Investors are Selling Shares Now
Eaton Vance Corp. (NYSE:EV) delivered a profit and met Wall Street’s expectations, AND came up short on beating the revenue expectation. The revenue miss is a negative sign to shareholders seeking high growth out of the company. Shares are down 3%.
Eaton Vance Corp. Earnings Cheat Sheet
Results: Adjusted Earnings Per Share increased 15.56% to $0.52 in the quarter versus EPS of $0.45 in the year-earlier quarter.
Revenue: Rose 8.84% to $331.7 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: Eaton Vance Corp. reported adjusted EPS income of $0.52 per share. By that measure, the company met the mean analyst estimate of $0.52. It missed the average revenue estimate of $335.51 million.
Quoting Management: “Strong net flows and favorable market action propelled Eaton Vance to solid growth in our second fiscal quarter,” said Thomas E. Faust Jr., Chairman and Chief Executive Officer. “Higher managed assets across a range of investment categories position the Company for continued progress.”
Key Stats (on next page)…