Eaton Vance 3Q Profit Falls 37 Percent

BOSTON (AP) — Asset manager Eaton Vance Corp. said Wednesday its profit for its fiscal third quarter fell 37 percent as it recorded lower fund inflows than a year ago.

The Boston-based company reported net income of $31.2 million, or 26 cents per share, compared with $49.6 million, or 40 cents per share, in the same period a year ago.

Revenue fell 19 percent to $228.4 million from $282.8 million.

The company said earnings were reduced by $3.3 million, or 2 cents per share, by expenses from an initial public offering in May.

Analysts surveyed by Thomson Reuters expected profit of 27 cents per share on revenue of $225.1 million for the quarter ended July 31. Analyst estimates typically exclude one-time items.

Shares fell $1.62, or 5.4 percent, to $28.50 in morning trading. The stock has ranged from $11.86 to $44 over the past year.

Net inflows into long-term funds were $3.9 billion compared with $5.8 billion a year ago. However, the inflows significantly increased from the $800 million reported in the second quarter this year, the company said.