This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Eaton Vance's CEO Discusses F2Q 2012 Results - Earnings Call Transcript

I’d now like to turn the call over to Tom.

Tom Faust

Good morning and thank you for joining us. I am happy to report that our second fiscal quarter marked the return to positive organic growth for Eaton Vance with $567 million of net inflows into long-term funds and separate accounts during the quarter.

Our second quarter net flow results showed sequentially improvement across all categories of investments, equities, fixed and floating rate income, and alternatives, and among funds and separately managed accounts of all flavors, institutional, high net worth and retail. We achieved positive net flows primarily on the strength of net sales into Parametric’s structured emerging market equities, our tax managed bond and high yield income strategies, Global Macro Absolute Return, Parametric’s index tracking and overlay products.

We reported $0.45 of adjusted earnings per diluted share in the second quarter, which compares to adjusted diluted EPS of $0.47 in the prior quarter and $0.52 in the year ago quarter. As noted in the press release, earnings per diluted share were increased $0.01 and $0.03 in the prior and year ago quarter respectively by gains recognized on the 2011 sale of our interest in Hong Kong-based equity manager, Lloyd George Management.

And as Laurie will address in a few minutes, earnings in the first quarter of this fiscal year also benefited from $0.02 of other investment gains that did not recur in the second quarter. If there was a theme for our second quarter, I would say, it is improvement. In the quarter, we saw improved gross and net flows, improved investment performance, improved financial strength, and most importantly, improving opportunities. As I comment further on the results for the quarter and our prospects going forward, please refer to the PowerPoint slides on our website. We ended the second quarter with managed assets of $197.5 billion, 3% ahead of where we finished the first quarter and within 3% of our peak AUM reached 12 months ago.

2 of 4

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

DOW 17,730.11 -27.80 -0.16%
S&P 500 2,076.78 -0.64 -0.03%
NASDAQ 5,009.2140 -3.9090 -0.08%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs