Manning & Napier (MN) Misses Q2 EPS by 1c

Manning & Napier (NYSE: MN) reported Q2 EPS of $0.30, $0.01 worse than the analyst estimate of $0.31. Revenue for the quarter came in at $103.9 million versus the consensus estimate of $102.91 million.

Patrick Cunningham, Manning & Napier’s Chief Executive Officer, commented, “The year-to-date market environment has been favorable to our active security selection process, reflected in outperformance for our equity and life-cycle strategies. As we enter the second half of 2014, we are optimistic regarding several initiatives that we believe will drive growth and deliver returns for both our clients and shareholders. Our short-term and long-term track records for our core products continue to outperform peers and benchmarks, and our mid-term records will benefit from the roll-off of underperformance during the third quarter of 2011. We also enhanced our product offerings by our recent acquisition of Xenon, which we have already integrated in our new Chicago office by successfully transitioning the existing client base and scaling the products to over $400 million by including Xenon's managed futures strategies in our multi-asset-class portfolios. Finally, since going public and beginning a capital investment program two and a half years ago, we are witnessing the first tier of new product seedings reaching three-year track records with very good performance in emerging markets equity and global equity."

For earnings history and earnings-related data on Manning & Napier (MN) click here.

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