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October 18, 2006
SEI Investment's Earnings
SEI Investments (SEIC), our top performer on the Buy List this year, just reported earnings of 60 cents a share for the third quarter. This is three cents more than the Street was looking for.
Net income climbed to $60.5 million, or 60 cents per share, from $49.2 million, or 48 cents per share, in the year-ago period.
Revenue rose 54 percent to $298.1 million, including $75.1 million from the consolidation of SEI's 43 percent stake in LSV Asset Management, versus $193.7 million last year.
Analysts polled by Thomson Financial expected profit of 57 cents per share on revenue of $289.6 million.
Operating profit in SEI's private banking and trust business rose 21 percent to $27.9 million, while operating margin improved to 38 percent from 36 percent. Total operating profit grew 59 percent to $97.6 million, with operating margin up a percentage point to 33 percent.
The stock is up 58.8% for the year.
Posted by edelfenbein at October 18, 2006 9:09 AM
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