Eaton Vance Corp (EV) has reported a 30.94 percent jump in profit for the quarter ended Apr. 30, 2017. The company has earned $71.98 million, or $0.62 a share in the quarter, compared with $54.97 million, or $0.48 a share for the same period last year. On the other hand, adjusted net income for the quarter stood at $71.97 million, or $0.62 a share compared with $54.97 million or $0.48 a share, a year ago.
Revenue during the quarter grew 15.88 percent to $374.63 million from $323.29 million in the previous year period. Total expenses were 68.52 percent of quarterly revenues, down from 70.38 percent for the same period last year. This has led to an improvement of 185 basis points in operating margin to 31.48 percent.
Operating income for the quarter was $117.92 million, compared with $95.77 million in the previous year period.
"In the second quarter of fiscal 2017, Eaton Vance achieved record revenue and net inflows, with all reporting categories contributing positively to net flows," said Thomas E. Faust Jr., chairman and chief executive officer. "Amid a challenging environment for investment managers, the Company continues to perform at a high level."
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