Eaton Vance Corporation (EV) has reported 8.46 percent fall in profit for the quarter ended Jul. 31, 2016. The company has earned $62.90 million, or $0.55 a share in the quarter, compared with $68.71 million, or $0.57 a share for the same period last year. On the other hand, adjusted net income for the quarter stood at $64.29 million, or $0.56 a share compared with $68.71 million or $0.57 a share, a year ago.

Revenue during the quarter dropped 4.03 percent to $341.17 million from $355.51 million in the previous year period. Total expenses were 68.72 percent of quarterly revenues, up from 67.16 percent for the same period last year. That has resulted in a contraction of 155 basis points in operating margin to 31.28 percent.

Operating income for the quarter was $106.72 million, compared with $116.73 million in the previous year period.

However, the adjusted operating income for the quarter stood at $109.02 million compared to $116.73 million in the prior year period.

"Eaton Vance's third quarter earnings improved sharply over the preceding quarter, reflecting favorable market movement, positive organic revenue growth and continuing tight expense control." said Thomas E. Faust Jr., chairman and chief executive officer. "Our mix of strongly performing active strategies and value-added passive products and services positions us well for this challenging period for investment managers."