Manning & Napier, Inc. (MN) has reported a 30.31 percent plunge in profit for the quarter ended Dec. 31, 2016. The company has earned $1.99 million, or $0.13 a share in the quarter, compared with $2.86 million, or $0.19 a share for the same period last year. On the other hand, adjusted net income for the quarter stood at $12.81 million, or $0.16 a share compared with $16.37 million or $0.20 a share, a year ago.
Revenue during the quarter dropped 15.59 percent to $59.08 million from $70 million in the previous year period. Total expenses were 63.15 percent of quarterly revenues, up from 62.57 percent for the same period last year. That has resulted in a contraction of 58 basis points in operating margin to 36.85 percent.
Operating income for the quarter was $21.77 million, compared with $26.20 million in the previous year period.
William Manning, co-founder, Chairman of the Board, and Chief Executive Officer, commented, "Throughout the first nine months of the year we experienced competitive returns in our traditional product areas including our equities, fixed income, and our lifecycle offerings. These results were supported by newer products such as our Disciplined Value, Global Quality, and actively-managed ETF allocation strategies. Additionally, our consultative services to the high net worth, institutional, and advisor channels helped us maintain client relationships during a challenging net client outflow environment. While our performance lagged in the cyclicals-led rally we experienced during the fourth quarter, we have seen a strong start to 2017."
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