Manning & Napier (MN) Reports In-Line Q1 EPS

Manning & Napier (NYSE: MN) reported Q1 EPS of $0.28, in-line with the analyst estimate of $0.28. Revenue for the quarter came in at $90.4 million versus the consensus estimate of $93.2 million.

Patrick Cunningham, Manning & Napier's Chief Executive Officer, commented, "Manning & Napier has remained consistent in its investment philosophy for nearly 45 years, but we continually challenge our personnel to improve execution to meet the investment objectives of our clients in an ever-changing environment. As a result, we recently named Ebrahim Busheri as the new Director of Investments, a role he also held at Manning & Napier in the late 1990’s into the early 2000’s. I am excited to have Ebrahim in this role and his leadership and tenacity have already led to structural enhancements. Most notably, we have modified the structure of several of our investment decision-making teams, shifting from larger teams to teams of four senior individuals per core-portfolio. We believe these changes have already sharpened our focus, while maintaining our ability to be nimble, which has been a key contributor to our success in the past. These changes have also allowed us to promote strong performers within our Research team. Continuous improvement is a necessity in our business and I am confident that these enhancements, as well as a continued focus on finding solutions for our clients, will continue to deliver better results for our clients in the months and years to come.”

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

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