Financial services firm
reported a 31.1% rise in second-quarter profits, aided by strong revenue growth.
The Oaks, Pa.-based company said second-quarter earnings were $57.91 million, or 57 cents a share, up from $44.18 million, or 43 cents a share, a year ago. The results beat analysts' forecast of 55 cents a share, according to Thomson first Call.
Revenue in the quarter climbed 49.9% from a year earlier to $285.02 million. Analysts expected revenue of $284.08 million. Revenues include $69.65 million from LSV Asset Management.
Revenue at the company's enterprises unit rose 21.4% to $38.52 million. For the investment advisors segment it rose 13.1% to $55.23 million, for the money managers segment it rose 14.9% to $29.05 million, for the private banking and trust it rose 4% to $70.17 million, while investments in new business revenue rose 34% to $22.4 million.
"The investments we are making are on schedule, the market acceptance of our new solutions is strengthening, and our transformation is well underway, " said the company. "In the long run, we remain firm in our belief that what we are doing will position us to provide our clients with increased opportunities for success and allow us to grow our future revenues and profits more rapidly."
In the second quarter, the company repurchased 819,000 shares for $36.5 million.
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