Manning & Napier (MN) Tops Q2 EPS by 5c, Revenues Beat

Manning & Napier (NYSE: MN) reported Q2 EPS of $0.08, $0.05 better than the analyst estimate of $0.03. Revenue for the quarter came in at $30.35 million versus the consensus estimate of $29 million.

Summary Highlights

• Assets under management ("AUM") at June 30, 2020 were $18.6 billion, compared to $17.1 billion at March 31, 2020
• Revenue for the second quarter was $30.3 million, a decrease of 12% and 2% from the second quarter of 2019 and the first quarter of 2020, respectively
• Second quarter income before taxes was $5.7 million; the net income attributable to Manning & Napier, Inc. for the second quarter was $1.5 million, or $0.06 per diluted share
• On a non-GAAP basis, as defined in the Non-GAAP Financial Measures section below, economic net income for the second quarter was $4.0 million, or $0.08 per adjusted share
• Ownership in Manning & Napier Group increased to 88.2% during the second quarter as a result of the annual exchange process between the Company and the holders of its non-controlling interests

Marc Mayer, Chief Executive Officer of Manning & Napier, commented, "Facing volatile markets and a challenging economic environment, we are pleased to report another quarter of strong performance for clients, where our active investment strategies enabled us to transition from defense to offense and fully participate in the market's historic rally, building on our already strong absolute and relative results. Our improved investment execution is an important though not conclusive step towards stabilizing and ultimately improving net flows and profitability. It is complemented by our strategic initiatives in investments, distribution, IT, and expense management, which continue to lay the groundwork for what we believe will be long-term success for all of our stakeholders."

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

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