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Westwood Holdings Group, Inc. Reports Third Quarter 2013 Results

Stocks in this article: WHG

Westwood Holdings Group, Inc. (NYSE: WHG) today reported third quarter 2013 revenues of $23.0 million, a 21% increase compared to revenues of $18.9 million in the third quarter of 2012. Non-GAAP Economic Earnings per share (“Economic EPS”) were $0.97 compared to $0.76 in the same quarter of the prior year and $1.07 in the second quarter of 2013. Diluted earnings per share were $0.57 compared to $0.34 in the same quarter of 2012 and $0.65 in the second quarter of 2013. The second quarter of this year included performance fees of $2.5 million related to our MLP strategy that are recognized following the annual performance period.

Highlights and significant items related to our third quarter 2013 pretax results include:

  • Revenues increased 21% over the same quarter of 2012 driven by record AUM of $17.1 billion.
  • Westwood International Advisors (“WIA”) net inflows aggregated $440 million, including $385 million into our new Ireland domiciled UCITS Fund.
  • WIA achieved profitable operating results during the quarter for the first time following our mid-2012 launch.
  • Firmwide net inflows exceeded $554 million.

WIA’s assets under management exceeded $2.0 billion at September 30, 2013, up 129% from year end. WIA contributed $2.7 million to revenues during the third quarter of 2013 and $2.4 million of related costs, compared to $1.7 million of revenues and $2.0 million of related costs in the second quarter of this year.

Brian Casey, Westwood’s President & CEO, commented, “We are very pleased with our third quarter financial results, and the exceptionally strong performance generated by our MLP, SmallCap, and Income Opportunity teams. The Westwood Funds™ had record quarterly net inflows of $194 million, bringing Westwood Funds™ aggregate year to date net inflows this year to $528 million. We continue to experience strong demand for WIA’s Emerging Markets strategies, and are looking to expand our UCITS products in the near future. WIA AUM now exceeds $2.0 billion with a strong pipeline of prospective clients. At quarter-end, Westwood had $67 million in cash and investments, stockholders’ equity of $83 million, and no debt. Today our Board approved a 10% increase in our quarterly dividend.”

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