AllianceBernstein (AB) Misses Q1 EPS by 5c, Revenues Beat

AllianceBernstein (NYSE: AB) reported Q1 EPS of $0.49, $0.05 worse than the analyst estimate of $0.54. Revenue for the quarter came in at $795.46 million versus the consensus estimate of $677.62 million.

"Our first quarter results reflect continued underlying momentum in many areas of our business," said Seth P. Bernstein, President and CEO of AllianceBernstein. "Total firmwide net inflows of $1.1 billion were positive for a third straight quarter and were driven by $2.2 billion of active net inflows, translating to a 2% active annualized organic growth rate."

Bernstein continued, "In Retail, 85% of our rated-assets were rated 4- or 5-stars by Morningstar at quarter-end. Gross sales of $16.4 billion were our best in six years and represent continued success with active equities and a rebound in fixed income in Asia ex Japan. We continue to see a diverse array of AB funds attracting assets: seven fixed income and six equity funds attracted more than $100 million of net inflows during the quarter. In Institutional, active equity gross sales of $2.2 billion marks our seventh straight quarter of at least $1 billion in sales and contributed to a fifth straight quarter of active equity organic growth. Our $11.4 billion institutional pipeline at quarter-end reflects demand for our services across the asset class spectrum and translates to our highest annualized fee base since we began tracking it more than seven year ago. In Private Wealth, we saw a return to positive net flows as both sales and redemptions improved sequentially. In our sell side business, revenues were down sharply as global trading volumes were under pressure and volatility eased. As a firm, we produced an adjusted operating margin of 24.1% in the quarter."

Bernstein concluded, "The diversity and global composition of our business allows us to compete in a variety of market environments and I'm proud of the accomplishments we achieved in the first quarter. Our talented people at AB continue to work relentlessly to make progress on our long-term strategy and consistently deliver for our clients."

For earnings history and earnings-related data on AllianceBernstein (AB) click here.

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