Manning and Napier Inc (NYSE:MN) delivered a profit and met Wall Street’s expectations, AND beat the revenue expectation. The revenue beat is a positive sign to shareholders seeking high growth out of the company. Shares are down 0.12%.
Manning and Napier Inc Earnings Cheat Sheet
Results: Adjusted Earnings Per Share increased 20% to $0.3 in the quarter versus EPS of $0.25 in the year-earlier quarter.
Revenue: Decreased 0% to $92.97 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: Manning and Napier Inc reported adjusted EPS income of $0.3 per share. By that measure, the company missed the mean analyst estimate of $0.3. It beat the average revenue estimate of $92.78 million.
Quoting Management: Patrick Cunningham, Manning & Napier’s Chief Executive Officer, commented, “We have continued to execute on our strategic objectives while experiencing consistent interest in our investment solutions from clients and prospects. In spite of continuing strong levels of gross inflows resulting from new accounts and client contributions, the second quarter witnessed outflows that outpaced inflows concentrated in platform business and U.S. Equity products. With more than 40 years of experience, we’ve seen firsthand how major points of inflection in the market can represent opportunities for active managers to achieve strong excess returns. Our long-term track records have been built upon taking advantage of the biases that can be created in extreme market environments. We continue to stay close to our clients and true to our investment discipline as this is core to delivering on expectations to our clients and shareholders.”
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