Manning & Napier, Inc. (MN) has reported a 21.55 percent fall in profit for the quarter ended Mar. 31, 2017. The company has earned $1.90 million, or $0.13 a share in the quarter, compared with $2.42 million, or $0.16 a share for the same period last year. On the other hand, adjusted net income for the quarter stood at $10.89 million, or $0.13 a share compared with $15.03 million or $0.18 a share, a year ago.
Revenue during the quarter dropped 10.57 percent to $55.48 million from $62.04 million in the previous year period. Total expenses were 69.87 percent of quarterly revenues, up from 63.28 percent for the same period last year. That has resulted in a contraction of 659 basis points in operating margin to 30.13 percent.
Operating income for the quarter was $16.72 million, compared with $22.78 million in the previous year period.
William Manning, co-founder, Chairman of the Board and Chief Executive Officer, commented, "Given the continued slow growth economy, we believe our disciplined, opportunistic active management approach, predicated on balancing the pursuit of long-term growth with downside risk protection is best suited to help our clients achieve their goals. Our first quarter results are indicative of this, as we delivered competitive absolute and relative investment returns across many of our investment strategies."
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