MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication
an InvestmentWires' Publication
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MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication |
|
Thursday, October 27, 2011 AllianceBernstein's Earnings Rise, But AUM Falls For fundsters who grew up on 1980's sitcoms, AllianceBernstein's [see profile] Q3 earnings must sound like that theme song from The Facts of Life, which goes something like, "You take the good, you take the bad, you take them both and there you have the facts of life" [see the earnings call transcript]. First the Good. Earnings at the mutual fund firm topped expectations. It reported a profit of $91 million, or 26 cents a unit, up from $51.5 million, or 12 cents a unit, a year earlier. Adjusted for a series of items, company officials said it earned 30 cents per unit in the recent quarter. Analysts polled by Thomson Reuters expected earnings of 28 cents a share on revenue of $666 million. Now the bad. The firm also reported total AUM as of Sept. 30 of $402 billion, down 13 percent from Q2 and down 16 percent from a year earlier and its revenue fell to $641.1 million, from $757.6 million last year. "During the quarter we saw a decline in both gross sales and client redemptions," stated CEO Peter Kraus. The Wall Street Journal, Bloomberg Businessweek and Financial News covered the firm's earnings release. Printed from: MFWire.com/story.asp?s=38169 Copyright 2011, InvestmentWires, Inc. All Rights Reserved |