SEI Investments Co. Earnings: Here’s Why Shares are Down Now
SEI Investments Co. (NASDAQ:SEIC) delivered a profit and beat Wall Street’s expectations, BUT 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 0.36%.
SEI Investments Co. Earnings Cheat Sheet
Results: Adjusted Earnings Per Share increased 67.86% to $0.47 in the quarter versus EPS of $0.28 in the year-earlier quarter.
Revenue: Rose 13.79% to $274.5 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: SEI Investments Co. reported adjusted EPS income of $0.47 per share. By that measure, the company beat the mean analyst estimate of $0.34. It missed the average revenue estimate of $276.38 million.
Quoting Management: “During the second quarter of 2013, the Company continued to make strides in the development and successful implementation of our business strategies across all of our units. Our financial results reflect continued improvement in overall asset flows, implementation of new clients, and a continuation of solid sales activity,” said Alfred P. West, Jr., SEI Chairman and CEO.
Key Stats (on next page)…