Top-News

China im Goldrausch! Kurze Gold-Preis-Konsolidierung zum Einstieg in diese Aktie nutzen!(Anzeige)

Strommast aus Froschperspektive (Symbolbild).

Dienstag, 27.02.2018 14:40 von PR Newswire | Aufrufe: 34

Eaton Vance Corp. Report for the Three Month Period Ended January 31, 2018

Strommast aus Froschperspektive (Symbolbild). pixabay.com

PR Newswire

BOSTON, Feb. 27, 2018

BOSTON, Feb. 27, 2018 /PRNewswire/ -- Eaton Vance Corp. (NYSE: EV) today reported earnings per diluted share of $0.63 for the first quarter of fiscal 2018, an increase of 19 percent from $0.53 of earnings per diluted share in the first quarter of fiscal 2017 and a decrease of 9 percent from $0.69 of earnings per diluted share in the fourth quarter of fiscal 2017.

The Company reported adjusted earnings per diluted share⁽¹⁾ of $0.78 for the first quarter of fiscal 2018, an increase of 47 percent from $0.53 of adjusted earnings per diluted share in the first quarter of fiscal 2017 and an increase of 11 percent from $0.70 of adjusted earnings per diluted share in the fourth quarter of fiscal 2017. In the first quarter of fiscal 2018, adjusted earnings differed from earnings under U.S. generally accepted accounting principles (U.S. GAAP) by $0.15 per diluted share, primarily reflecting enactment of the Tax Cuts and Jobs Act (the Tax Act) and the adoption of new accounting guidance addressing the treatment of stock-based compensation plans. Adjusted earnings reflect the add back of the $21.7 million revaluation of the Company's deferred tax assets and liabilities during the period relating to the reduction in the U.S. federal corporate income tax rate provided under the Tax Act, $3.0 million of tax expense recognized on the deemed repatriation of foreign earnings not previously subject to U.S. taxation, as required under the Tax Act, and $11.9 million of net excess tax benefit from stock-based compensation plans recognized from the exercise of employee stock options and vesting of restricted stock awards during the period. First quarter fiscal 2018 adjusted earnings also reflect the add back of a $6.5 million charge recognized upon the expiration of the Company's option to acquire an additional 26 percent ownership interest in 49 percent-owned Hexavest, Inc. (Hexavest). Adjusted earnings per diluted share matched U.S. GAAP earnings per diluted share in the first quarter of fiscal 2017. In the fourth quarter of fiscal 2017, adjusted earnings differed from U.S. GAAP earnings by $0.01 per diluted share to reflect increases in the estimated redemption value of non-controlling interests in affiliates redeemable at other than fair value.

Net gains and other investment income related to seed capital investments were negligible in the first quarters of fiscal 2018 and fiscal 2017 and contributed $0.01 to earnings per diluted share in the fourth quarter of fiscal 2017.

Consolidated net inflows of $7.1 billion in the first quarter of fiscal 2018 represent a 7 percent annualized internal growth rate in managed assets (consolidated net inflows divided by beginning of period consolidated assets under management). This compares to net inflows of $7.8 billion and 9 percent annualized internal growth in managed assets in the first quarter of fiscal 2017 and net inflows of $8.0 billion and annualized internal growth in managed assets of 8 percent in the fourth quarter of fiscal 2017. On the basis of net contribution to management fee revenue, the Company's annualized internal revenue growth rate was 5 percent in the first quarter of fiscal 2018, 7 percent in the first quarter of fiscal 2017 and 5 percent in the fourth quarter of fiscal 2017.

Consolidated assets under management were $449.2 billion on January 31, 2018, up 24 percent from $363.7 billion of consolidated managed assets on January 31, 2017 and up 6 percent from $422.3 billion of consolidated managed assets on October 31, 2017. The year-over-year increase in consolidated assets under management reflects net inflows of $37.1 billion and market price appreciation of $48.4 billion. The sequential quarterly increase in consolidated assets under management reflects net inflows of $7.1 billion and market price appreciation of $19.8 billion in the first quarter of fiscal 2018.

"While reported results were complicated by the effects of tax law changes and a newly adopted accounting standard, the first quarter of fiscal 2018 was another strong period of operating performance for Eaton Vance," said Thomas E. Faust Jr., Chairman and Chief Executive Officer. "We continue to realize broad-based organic growth across our business."

Average consolidated assets under management were $433.5 billion in the first quarter of fiscal 2018, up 26 percent from $344.9 billion in the first quarter of fiscal 2017 and up 5 percent from $413.9 billion in the fourth quarter of fiscal 2017.

ARIVA.DE Börsen-Geflüster

Kurse

Eaton Vance

0,00%

Excluding performance-based fees, annualized management fee rates on consolidated assets under management averaged 33.7 basis points in the first quarter of fiscal 2018, down 4 percent from 35.1 basis points in the first quarter of fiscal 2017 and down 1 percent from 33.9 basis points in the fourth quarter of fiscal 2017. Changes in average management fee rates for the compared periods primarily reflect the ongoing shift in the Company's mix of business toward lower-fee mandates.

Attachments 5 and 6 summarize the Company's assets under management and net flows by investment mandate and investment vehicle. Attachments 7, 8 and 9 summarize the Company's ending consolidated assets under management by investment mandate, investment vehicle and investment affiliate. Attachment 10 shows the Company's average annualized effective management fee rates by investment mandate.

As shown in Attachments 5 and 6, consolidated sales and other inflows were $44.0 billion in the first quarter of fiscal 2018, down 2 percent from $44.9 billion in the first quarter of fiscal 2017 and down 1 percent from $44.6 billion in the fourth quarter of fiscal 2017.

Consolidated redemptions and other outflows were $36.9 billion in the first quarter of fiscal 2018, down 1 percent from $37.1 billion in the first quarter of fiscal 2017 and up 1 percent from $36.6 billion in the fourth quarter of fiscal 2017.

As of January 31, 2018, Hexavest managed $16.7 billion of client assets, up 16 percent from $14.5 billion of managed assets on January 31, 2017 and up 4 percent from the $16.0 billion of managed assets on October 31, 2017. Hexavest had net outflows of $0.4 billion in the first quarter of fiscal 2018 versus negligible net flows in the first quarter of fiscal 2017 and net inflows of $0.3 billion in the fourth quarter of fiscal 2017. Attachment 11 summarizes assets under management and asset flow information for Hexavest. Other than Eaton Vance-sponsored funds for which Hexavest is adviser or sub-adviser, the managed assets and flows of Hexavest are not included in Eaton Vance's consolidated totals.

Financial Highlights
(in thousands, except per share figures)

	Three Months Ended
	January 31,		October 31,		January 31,
	2018		2017		2017
Revenue	$	421,412	$	405,673	$	354,959
Expenses		285,612		267,302		249,523
Operating income		135,800		138,371		105,436
Operating margin		32.2%		34.1%		29.7%
Non-operating expense		(1,686)		(1,920)		(6,853)
Income taxes		(48,617)		(49,802)		(36,748)
Equity in net income of
affiliates, net of tax		3,014		2,897		2,506
Net income		88,511		89,546		64,341
Net income attributable to
non-controlling and other
beneficial interests		(10,455)		(7,462)		(3,630)
Net income attributable to
Eaton Vance Corp. shareholders	$	78,056	$	82,084	$	60,711
Adjusted net income attributable to
Eaton Vance Corp. shareholders	$	96,521	$	82,726	$	60,638
Earnings per diluted share	$	0.63	$	0.69	$	0.53
Adjusted earnings per diluted share	$	0.78	$	0.70	$	0.53

First Quarter Fiscal 2018 vs. First Quarter Fiscal 2017

In the first quarter of fiscal 2018, revenue increased 19 percent to $421.4 million from $355.0 million in the first quarter of fiscal 2017. Management fees were up 20 percent, as a 26 percent increase in average consolidated assets under management more than offset lower consolidated average management fee rates. Performance fees were -$0.5 million in the first quarter of fiscal 2018 versus $0.2 million in the first quarter of fiscal 2017. Distribution and service fee revenues collectively were up 7 percent, reflecting higher managed assets in fund share classes that are subject to these fees.

Operating expenses increased 14 percent to $285.6 million in the first quarter of fiscal 2018 from $249.5 million in the first quarter of fiscal 2017, reflecting increases in compensation, distribution expense, service fee expense, amortization of deferred sales commissions, fund-related expenses and other operating expenses. The increase in compensation expense reflects higher operating income-based bonus accruals, higher salaries and benefits associated with increases in headcount and higher stock-based compensation, partially offset by a decrease in sales-based bonus accruals. The increase in distribution expense reflects an increase in intermediary marketing support payments, primarily driven by higher average managed assets, and higher marketing and promotion costs. The increase in service fee expense reflects higher average assets under management in fund share classes subject to service fee payments. The increase in amortization of deferred sales commissions reflects higher commission amortization for private funds, partially offset by lower Class B and Class C commission amortization. The increase in fund-related expenses reflects increases in fund subsidies, higher sub-advisory fees paid and an increase in fund expenses borne by the Company on funds for which it earns an all-in fee. Other operating expenses increased 14 percent, reflecting higher travel, communications, information technology, professional services, facilities and other corporate expenses.

Expenses in connection with the Company's NextShares^TM exchange-traded managed funds (NextShares) initiative totaled $1.9 million in the first quarter of fiscal 2018 and $2.0 million in the first quarter of fiscal 2017.

Mehr Nachrichten zur Eaton Vance Aktie kostenlos abonnieren

E-Mail-Adresse

Benachrichtigungen von ARIVA.DE
(Mit der Bestellung akzeptierst du die Datenschutzhinweise)

Hinweis: ARIVA.DE veröffentlicht in dieser Rubrik Analysen, Kolumnen und Nachrichten aus verschiedenen Quellen. Die ARIVA.DE AG ist nicht verantwortlich für Inhalte, die erkennbar von Dritten in den „News“-Bereich dieser Webseite eingestellt worden sind, und macht sich diese nicht zu Eigen. Diese Inhalte sind insbesondere durch eine entsprechende „von“-Kennzeichnung unterhalb der Artikelüberschrift und/oder durch den Link „Um den vollständigen Artikel zu lesen, klicken Sie bitte hier.“ erkennbar; verantwortlich für diese Inhalte ist allein der genannte Dritte.