Eaton Vance Corporation (EV) has reported a 3.98 percent rise in profit for the quarter ended Jan. 31, 2017. The company has earned $60.71 million, or $0.53 a share in the quarter, compared with $58.39 million, or $0.50 a share for the same period last year. On the other hand, adjusted net income for the quarter stood at $60.64 million, or $0.53 a share compared with $58.52 million or $0.51 a share, a year ago.
Revenue during the quarter grew 7.06 percent to $354.96 million from $331.56 million in the previous year period. Total expenses were 70.30 percent of quarterly revenues, up from 69.65 percent for the same period last year. That has resulted in a contraction of 65 basis points in operating margin to 29.70 percent.
Operating income for the quarter was $105.44 million, compared with $100.62 million in the previous year period.
“Strong net flows, positive market movements and successful completion of the Calvert Investments transaction combined to provide Eaton Vance with significant growth in managed assets and management fee revenue rate over the course of the first quarter of fiscal 2017,” said Thomas E. Faust Jr., chairman and chief executive officer. “These set the stage for a favorable trend of earnings growth over the balance of the fiscal year.”
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