] earnings fell slightly in the third quarter due to an acquisition and stock repurchasing, but overall nothing unusual seemed to rock the Boston-based firm.
Revenue fell 2 percent to $299 million from $305 million in the second quarter, and 9 percent from $327 million the same quarter last year, said a company press statement
. Net income as well fell by 10 basis points to slightly under $62.7 million from just under $62.8 million the prior quarter, and 9 percent from $69 million the year-prior quarter.
Earnings per diluted share came out to 43 cents, or 2 percent lower than 44 cents last quarter, and 22 percent lower than 55 cents the year-prior quarter. This fell below Zacks Investment Research
analyst estimates of 47 cents. The firm's current rating for Eaton Vance is hold.
The company paid just under $193 million to acquire its 49 percent equity interest in Hexavest
, sourced from cash on hand. The company also used $76.6 million to repurchase and retire around 3 million shares of its non-voting common stock under its repurchase authorization.
Falls in income also resulted from decreased sales, average assets under management, average fee rates, and distribution and service fees.
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