This Week
  • Eric Thornton, 27, tracks markets as a buyer at Baldwin Richardson Foods.

  • Whitney Town Center, a $22 million mixed-use development in Perinton, is slated to open.

  • Kevin Ryan is the new Monroe County Bar Association executive director.

  • The Pontarelli brother and sisters team own and operate PKG Equipment Inc.

  • In Rochester, microlending options for fledgling entrepreneurs are growing.

  • The Schools Report Card has rankings for 27 districts and more than 250 schools.

Manning & Napier meets Street expectations for Q3

Rochester Business Journal
October 31, 2012

Manning & Napier Inc. reported quarterly economic income of $39.6 million, down 8.6 percent from $43.3 million a year ago.

Economic net income after taxes was $24.4 million, or 27 cents per adjusted share, down from $26.7 million in the third quarter 2011, prior to the Perinton money management firm’s initial public offering.
 
Wall Street analysts expected 27 cents for the most recent quarter.

“Strong absolute and relative returns across our investment products drove third-quarter results,” CEO Patrick Cunningham said in a statement after the markets closed Wednesday.

“Our investment portfolio positioning focuses on companies with the ability to demonstrate strong growth prospects, and the third quarter provided a market these attributes were rewarded.”

Third-quarter revenue was $85.4 million, compared to $81.5 million in the second quarter and $85.8 million in the third quarter last year.

As of Sept. 30, cash and cash equivalents was $97 million, compared with $95.1 million as of June 30. The company had no debt outstanding as of Sept. 30.
 
(c) 2012 Rochester Business Journal. To obtain permission to reprint this article, call 585-546-8303 or email service@rbj.net.


What You're Saying 

There are no comments yet. Be the first to add yours!

Post Your Own Comment

 
Username:
Password:

Not registered? Sign up now!
 

To Do   Text Size
Post CommentPost A Comment eMail Size1
View CommentsView All Comments PrintPrint Size2
ReprintsReprints Size3
  • E-mailed
  • Commented
  • Viewed
RBJ   Google