AllianceBernstein (NYSE: AB) reported Q3 EPS of $0.63, in-line with the analyst estimate of $0.63. Revenue for the quarter came in at $726.71 million versus the consensus estimate of $731.85 million.

• Third quarter adjusted net revenues of $727 million were flat from the third quarter of 2018. Higher investment advisory base fees, investment gains and net dividend and interest income were partially offset by lower performance-based fees and higher net distribution expense.
• Sequentially, adjusted net revenues increased 2% from $715 million. Higher investment advisory base fees were partially offset by lower Bernstein Research revenues and performance-based fees.
• Third quarter adjusted operating income of $200 million decreased 7% from $216 million in the third quarter of 2018, and the adjusted operating margin of 27.5% decreased 220 basis points from 29.7%.
• Sequentially, adjusted operating income increased 11% from $180 million and the adjusted operating margin of 27.5% in the third quarter of 2019 increased 240 basis points from 25.1%.
• Third quarter adjusted diluted net income per Unit of $0.63 was down from $0.69 in the third quarter of 2018 and up from $0.56 in the second quarter of 2019.

"Our third quarter results continue to reflect momentum in several areas of our business," said Seth P. Bernstein, President and CEO of AllianceBernstein. "Total firmwide net inflows of $8.1 billion were positive for a fifth straight quarter and were driven by $9.3 billion of active net inflows. Year-to-date active net inflows of $21.6 billion translates to a 6.3% annualized organic growth rate, continuing our best year-to-date in more than a decade."

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