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Eaton Vance Trades Higher After Q3 Earnings Beat

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Eaton Vance (NYSE: EV) on Tuesday reported third-quarter earnings of 90 cents per share, which beat the analyst consensus estimate of 86 cents by 4.65%. This is a 9.76% increase over earnings of 82 cents per share from the same period last year.

The company reported quarterly sales of $431.235 million, which missed the analyst consensus estimate of $432.95 million by 0.40%. This is a 0.15% increase over sales of $430.602 million the same period last year.

"Eaton Vance's distinctive array of investment strategies and services continued to attract strong investor interest in the third-quarter of our fiscal 2019, propelling consolidated assets under management to a new record high," said Thomas Faust, CEO of Eaton Vance. "Innovation, investment management excellence and outstanding distribution and service remains our formula for success in a changing asset management industry."

Eaton Vance shares were trading up 4.4% at $41.12 in Tuesday’s session. The stock has a 52-week high of $54.44 and a 52-week low of $32.28.

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