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Manning & Napier reports slip in income in Q2

Rochester Business Journal
July 30, 2014

Manning & Napier Inc.’s reported a drop in economic net income in the second quarter, with earnings per share missing Street estimates by a penny.

The Perinton money management firm reported economic net income of nearly $26.8 million, or 30 cents per adjusted share, down 1.4 percent from almost $27.2 million, or 30 cents a share, in the second quarter of 2013.
 
Analysts had projected earnings of 30 cents a share.

Manning & Napier released its earnings after markets closed Wednesday.

Revenue for the second quarter totaled $103.9 million, up 12 percent from nearly $93 million a year ago.

Assets under management at the end of the quarter were $54.1 billion, up 3.7 percent from $52.2 billion at the end of the first quarter and up 16.8 percent from $46.3 billion on June 30, 2013.

(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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