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Manning & Napier sees net income drop slightly in Q4

Rochester Business Journal
February 12, 2014

Manning & Napier Inc. reported fourth-quarter economic net income of $24.8 million, down 1 percent from a year ago. Earnings missed analysts’ estimates by 3 cents.

The Perinton money management firm reported earnings of 28 cents per adjusted share in the fourth quarter of 2013. It reported economic net income of $25 million, or 28 cents an adjusted share, in the fourth quarter of 2012.

Wall Street analysts projected earnings of 31 cents a share.

Earnings were announced Wednesday after the markets closed.

Fourth-quarter revenue totaled $98.2 million, up 13 percent from 2012. Assets under management on Dec. 31 were $50.8 billion, up from $49.1 billion on Sept. 30.

“Adherence to our investment process and disciplines resulted in strong absolute and relative returns for our clients in during 2013 as we continue to navigate volatile markets and economic uncertainties,” CEO Patrick Cunningham said in a statement.

Full-year economic net income was $103.4 million, or $1.15 per adjusted share, up from $96.9 million, or $1.08 per adjusted share, in 2012.

(c) 2014 Rochester Business Journal. To obtain permission to reprint this article, call 585-546-8303 or email service@rbj.net.


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