Manning & Napier (MN) Misses Q4 EPS by 1c, Revenues Miss

Manning & Napier (NYSE: MN) reported Q4 EPS of $0.04, $0.01 worse than the analyst estimate of $0.05. Revenue for the quarter came in at $37.4 million versus the consensus estimate of $39.64 million.

• Assets under management ("AUM") at December 31, 2018 were $20.2 billion, compared to $23.1 billion at September 30, 2018
• Revenue for the fourth quarter was $37.4 million, a decrease of 18% and 8% from the fourth quarter of 2017 and third quarter of 2018, respectively
• Fourth quarter income before taxes was $5.9 million; the net income attributable to Manning & Napier, Inc. for the fourth quarter was $0.4 million, or $0.03 per diluted share
• On a non-GAAP basis, economic net income for the quarter was $3.5 million, or $0.04 per adjusted share
• The Company\'s Board of Directors declared a quarterly dividend of $0.02 per share of Class A common stock at their October 2018 board meeting

"We achieved strong investment results in 2018 across the majority of our strategies. Our disciplined, dynamic, research-based approach to asset allocation, sector and security selection found numerous opportunities amid a more volatile market environment. Our active risk management helped moderate our clients' downside," said Marc Mayer, Chief Executive Officer of Manning & Napier."

Mr. Mayer continued, "As always, we are focused on delivering excellent investment results, exceptional client service and innovative solutions that help our clients achieve their financial goals. This forms the foundation upon which our business is built. In 2019, we will continue to rigorously examine and evaluate our business in search of opportunities for improvements, balancing a sense of urgency with an open-minded and thorough approach. We believe this provides Manning & Napier with the optimal path forward."

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

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