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Eaton Vance (EV) Beats on Q2 Earnings & Revenue Estimates
Have you been eager to see how Eaton Vance Corp. (EV - Free Report) performed in second-quarter fiscal 2016 (ended Apr 30) in comparison with the market expectations? Let’s quickly scan through the key facts from this Massachusetts-based investment management firm’s earnings release this morning:
An Earnings Beat
Eaton Vance came out with adjusted earnings per share of 48 cents, beating the Zacks Consensus Estimate of 47 cents.
Lower expenses drove the earnings beat.
How Was the Estimate Revision Trend?
You should note that the earnings estimate for Eaton Vance depicted a bearish stance prior to the earnings release. The Zacks Consensus Estimate has declined over the last 7 days.
Revenue Came In Higher Than Expected
Eaton Vance posted total revenue of $323.29 million, which marginally surpassed the Zacks Consensus Estimate of $323.01 million. However, it compared unfavorably with the year-ago number of $351.66 million.
Key Statistics/Developments
As of Apr 30, 2016, assets under management (AUM) were $318.7 billion, up 2% year-over-year. Also, total net inflows amounted to $15.9 billion in the reported quarter.
Expenses related to Eaton Vance’s NextShares initiative totaled roughly $1.9 million in the reported quarter, an increase of 3% from the prior-year quarter.
The company announced Eaton Vance Stock NextShares as the first NextShares fund in February and added two more NextShares funds – Eaton Vance Global Income Builder NextShares and Eaton Vance TABS 5-to-15 Year Laddered Municipal Bond NextShares – at the end of March.
During the first six months of fiscal 2016, Eaton Vance repurchased nearly 4.4 million shares its Non-Voting Common Stock for $144.1 million.
What Zacks Rank Says
The estimate revisions that we discussed earlier have driven a Zacks Rank #3 (Hold) for Eaton Vance. However, since the latest earnings performance is yet to be reflected in the estimate revisions, the rank is subject to change. While things apparently look favorable, it all depends on what sense the just-released report makes to the analysts.
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