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.
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