Manning and Napier Inc (NYSE:MN) delivered a profit and met Wall Street’s expectations, AND beat the revenue expectation. The revenue beat is a positive sign to shareholders seeking high growth out of the company.
Manning and Napier Inc Earnings Cheat Sheet
Results: Adjusted Earnings Per Share were the same at $0.28 in the quarter as EPS of $0.28 in the year-earlier quarter.
Revenue: Was the same at $90.3 million as the year-earlier quarter.
Actual vs. Wall St. Expectations: Manning and Napier Inc reported adjusted EPS income of $0.28 per share. By that measure, the company met the mean analyst estimate of $0.28. It beat the average revenue estimate of $89.64 million.
Quoting Management: Patrick Cunningham, Manning & Napier’s Chief Executive Officer, commented, “We delivered strong absolute and competitive relative investment results for our clients during the first quarter of 2013. Our focus on growth-oriented investments in the current slow economic growth environment has been a deliberate attempt to protect investors from reinvestment rate risk, or the risk of achieving low returns by reinvesting capital in lower growth stocks with relatively high dividend yields or lower yielding government-backed bonds, both historically considered “safe” investments. Our emphasis on companies with sustainable growth was rewarded in the first quarter.”
Key Stats (on next page)…