This Day On The Street
Continue to site right-arrow
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
TheStreet Open House

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.

1 of 8

Check Out Our Best Services for Investors

Action Alerts PLUS

Jim Cramer and Stephanie Link 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

Jim Cramer's protégé, David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
Try it NOW
Try it NOW
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

Jim Cramer's protégé, 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
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,416.85 +225.48 1.31%
S&P 500 2,021.25 +19.09 0.95%
NASDAQ 4,683.4070 +45.4130 0.98%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs