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Manning & Napier, Inc. Reports Third Quarter 2013 Earnings Results

Stocks in this article: MN

Manning & Napier, Inc. (NYSE:MN), (“Manning & Napier” or “the Company”) today reported 2013 third quarter results for the period ended September 30, 2013.

Summary Highlights

  • Third quarter economic income and economic net income, non-GAAP measures, were $43.3 million and $26.7 million, or $0.30 per adjusted share
  • Assets under management ("AUM") at September 30, 2013 was $49.1 billion, compared with $46.3 billion at June 30, 2013
  • Revenue for the third quarter increased 11% year-over-year and increased 2% sequentially to $94.6 million
  • Manning & Napier Group, LLC distributed to its members $31.3 million in cash for the quarter and $94.0 million year-to-date, resulting in a $0.16 per share third quarter dividend
  • A fourth distribution of $46.3 million in cash was recently announced for 2013, which will result in a $0.24 per share dividend for Class A shareholders

Patrick Cunningham, Manning & Napier’s Chief Executive Officer, commented, “During the quarter, our fundamental and active investment process has delivered strong returns for our clients. This was driven by adhering to our time-tested stock selection strategies, our absolute return valuation disciplines and our benchmark agnostic approach. In a slow growth global economy, we believe that having investment flexibility is critical to success. That flexibility is the hallmark of the way we manage risk to ultimately meet our clients' and shareholders' objectives."

Third Quarter 2013 Financial Review

Manning & Napier reported third quarter 2013 revenue of $94.6 million, an increase of 11% from revenue of $85.4 million reported in the third quarter of 2012, and an increase of 2% from revenue of $93.0 million reported in the second quarter of 2013. The changes in revenue resulted primarily from increases in average AUM. Average AUM for the quarter was $48.0 billion, an 11% increase from $43.2 billion in the third quarter 2012 and slightly higher when compared to the $47.8 billion for the second quarter of 2013. Revenue as a percentage of average AUM was 0.78% for the third quarter of 2013 compared with 0.79% for the third quarter of 2012 and 0.78% for the second quarter of 2013.

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