Eaton Vance’s Profit Rises 39% to $48.4 Million
November 24, 2009
Fueled by a 26% increase in assets under management to $154.9 billion, Eaton Vance announced that its fiscal fourth quarter profits rose 39% to $48.4 million, or 39 cents a share, up from $34.9 million, or 28 cents a share, from a year ago. Revenue increased 2% to $254 million, beating analyst forecasts of $250 million.
Most of the increase in assets under management was as a result of fixed income funds, which rose by 23%, whereas equity assets rose only 5%.
Eaton Vance Chairman and CEO Thomas E. Faust, Jr. said favorable market trends and expense controls should support further earnings growth in the year ahead.
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