THIS STORY HAS BEEN FORMATTED FOR EASY PRINTING
Around the Region

Eaton Vance’s profit slides 37%

Associated Press / August 20, 2009

E-mail this article

Invalid email address
Invalid email address

Sending your article

Your article has been sent.

  • Email|
  • Print|
  • Reprints|
  • |
Text size +

Asset manager Eaton Vance Corp. said fiscal third-quarter profit fell 37 percent as it recorded lower fund inflows than a year earlier.

The Boston company reported net income yesterday of $31.2 million, or 26 cents per share, compared with $49.6 million, or 40 cents, in the same period a year before.

Revenue fell 19 percent, to $228.4 million.

Analysts surveyed by Thomson Reuters expected profit of 27 cents per share on revenue of $225.1 million for the quarter, ended July 31.

Net inflows into long-term funds were $3.9 billion, compared with $5.8 billion a year earlier. However, the inflows significantly increased from the $800 million reported in the second quarter this year, the company said.

Assets under management on July 31 were $143.7 billion, down from $155.8 billion a year earlier. They have increased $16.5 billion, or 13 percent, from $127.2 billion as of April 30, the company said.

“While our earnings remain below prior year’s results, the sharp uptick in managed assets bodes well for future recovery,’’ chief executive Thomas E. Faust Jr. said.