Manning & Napier (MN) Tops Q4 EPS by 1c

Manning & Napier (NYSE: MN) reported Q4 EPS of $0.05, $0.01 better than the analyst estimate of $0.04. Revenue for the quarter came in at $32.7 million versus the consensus estimate of $33 million.

Summary Highlights

• Assets under management ("AUM") at December 31, 2019 were $19.5 billion, compared to $20.5 billion at September 30, 2019
• Revenue for the fourth quarter was $32.7 million, a decrease of 13% and 4% from the fourth quarter of 2018 and the third quarter of 2019, respectively
• Fourth quarter loss before taxes was $3.1 million; the net loss attributable to Manning & Napier, Inc. for the fourth quarter was $0.4 million, or $0.02 net loss per diluted share
• On a non-GAAP basis, as defined in the Non-GAAP Financial Measures section below, economic net income for the fourth quarter was $3.8 million, or $0.05 per adjusted share
• The Company's Board of Directors declared a quarterly dividend of $0.02 per share of Class A common stock at its October 2019 board meeting
• The Company selected InvestCloud to lead its digital transformation

"In the fourth quarter, we delivered strong performance for our clients, building on the excellent results generated both earlier in the year and over the past several years. We are pleased with our relative and absolute performance, as well as our ability to continue to meet client objectives in all market environments," remarked Marc Mayer, Chief Executive Officer of Manning & Napier.

Mr. Mayer continued, "Our organization made significant progress on our strategic transformation during 2019. We made important changes to our leadership team, implemented key governance and operating committees, revamped our distribution strategies, put in place definitive plans to overhaul and modernize our IT and associated business processes, consolidated numerous offerings and solutions, eliminated tangential initiatives, and substantially reduced ongoing costs. While we still have much to accomplish before completing this transformation, we are excited for the upcoming year as we focus on our historical strengths of delivering excellent investment results and a superior client experience."

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

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