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Manning & Napier Inc. reported quarterly net income attributable to controlling and non-controlling interests of $34.4 million, up 45 percent from a year ago and reversing a GAAP-based loss of $179.7 million in the fourth quarter of 2011, its first as a public company.
The Perinton-based money management firm reported economic net income of $24.8 million, or 28 cents a share, 2 cents better than Wall Street estimates.
“In our first full quarter as a publicly traded company we were able to increase revenue, improve economic income and return value to shareholders,” CEO Patrick Cunningham said in a statement released Wednesday after the markets closed.
First-quarter revenue of $85 million was 9 percent better than $78 million a year ago and 6 percent better than $80.4 million reported in the fourth quarter, the company said.
The firm’s shares (NYSE: MN) closed Wednesday at $14.67, up more than 3 percent from Tuesday’s close.
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