Eaton Vance Second Quarter Earnings Summary; Revenue Increases 7%
Eaton Vance (NYSE: EV) released its second quarter earnings for the 2014 fiscal year. EV stock closed at $35.46 on Tuesday and the stock traded to a high of $35.52 after-hours.
EV revenue increased seven percent to $354.1 million from revenue of $331.7 million in the second quarter of fiscal 2013. Despite a better performance in revenue from the prior year, revenue for the second quarter decreased two percent from the first quarter of the fiscal year of 2014. Revenue for the first quarter of 2014 was $360.3 million.
EV reported adjusted earnings per diluted share of $0.59 for the second quarter of fiscal 2014, an increase of 13 percent over the $0.52 of adjusted earnings per diluted share in the second quarter of fiscal 2013, and an increase of two percent over the $0.58 of adjusted earnings per diluted share in the first quarter of fiscal 2014.
“Eaton Vance achieved record earnings in the second quarter and first six months of fiscal 2014,” said Thomas E. Faust Jr., Chairman and Chief Executive Officer. “While flows in the first half were disappointing, the rapid development of a number of newer franchises positions us for resumed organic growth."
EV reported its average consolidated assets under management were $284.4 billion in the second quarter of fiscal 2014, up 12 percent from $253.5 billion in the second quarter of fiscal 2013 and up one percent from $282.3 billion in the first quarter of fiscal 2014.
EV stocks opened up Wednesday at $36.77, an increase of three percent from the previous day close.
© 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.