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Eaton Vance Misses Estimates

Earnings rise 8% from a year ago, thanks to swelling assets.

Eaton Vance

(EV) - Get Report

reported quarterly earnings that were 8% higher than last year, due to climbing assets under management. The money manager still came up short of analysts earnings and revenue estimates.

For its fiscal second quarter, the Boston-based money manager earned $37.6 million, or 27 cents a share, compared with $35.2 million, or 25 cents a share, in the year-ago period. Eaton's results were 1 cent shy of the Thomson First Call consensus estimate.

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Total assets under management at the end of April rose 16% to $98.8 billion. Eaton Vance said it saw net outflows of $400 million from institutional and high-net-worth accounts vs. net inflows of $300 million last year.

As a result of higher assets under management, revenue in the second quarter rose by $17.2 million, or 10%, to $182.5 million, vs. $165.3 million during the same period the previous year. Nevertheless, sales were also short of analyst's forecasts of $185.2 million.

Eaton Vance shares finished Tuesday down 21 cents at $23.50.