Eaton Vance’s Earnings Report

This morning, Eaton Vance (EV) reported second-quarter earnings of 29 cents per share:

Asset manager Eaton Vance Corp reported on Wednesday higher quarterly profit after customers added billions of dollars to its portfolios, helping boost assets under management by 39 percent.
Net income climbed to $45.9 million, or 29 cents a share, during its fiscal second quarter ended April 30, up from $26.9 million or 21 cents a share a year earlier.
The Boston-based company, known for its relatively conservative fund portfolios and a big issuer of closed-end funds, said revenue climbed to $273.0 million from $198.4 million.
Investors added $5.3 billion into the company’s long-term funds and separate accounts, which helped boost total assets under management to $176.2 billion at the end of April.

While the earnings report was good, it came in far below Wall Street’s expectations of 40 cents per share. The stock is down at the start of trading. Fortunately, Eaton Vance isn’t one of those stocks that lives or dies based on its quarterly numbers. I still like EV a lot.

Posted by on May 19th, 2010 at 9:41 am


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