Manning & Napier (MN) Reports Q4 EPS of $0.26, Revenues Beat

Manning & Napier (NYSE: MN) reported Q4 EPS of $0.26. Revenue for the quarter came in at $33.5 million versus the consensus estimate of $30 million.

Summary Highlights

• Assets under management (\"AUM\") at December 31, 2020 were $20.1 billion, compared to $19.2 billion at September 30, 2020
• Revenue for the fourth quarter was $33.5 million, an increase of 2% from the fourth quarter of 2019 and an increase of 5% from the third quarter of 2020
• Fourth quarter income before taxes was $5.7 million; the net income attributable to Manning & Napier, Inc. for the fourth quarter was $5.1 million, or $0.23 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 $5.7 million, or $0.26 per adjusted share
• On February 3, 2021, the Board of Directors approved a new share repurchase program of up to $10.0 million of Manning & Napier Inc. Class A common shares

"Our fourth quarter results were the culmination of a very strong year for our clients," remarked Marc Mayer, Chairman of the Board and Chief Executive Officer of Manning & Napier. "Amid one of the most challenging capital market and business environments in recent memory we delivered excellent results across almost all of our investment strategies, made key strides in repositioning and reinvigorating our sales efforts, and reached key milestones in the overhaul of our technological and operational infrastructure, all while adapting our business to the global pandemic. Additionally, we leveraged our financial strength to deliver accretion to shareholders. We are proud of our accomplishments in 2020 for both clients and shareholders, and we look forward to what we will achieve this year and beyond."

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

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