AllianceBernstein Earnings Cheat Sheet: Revenue and Net Income Grow

AllianceBernstein Holding L.P. (NASDAQ:AB) reported higher profit for the second quarter as revenue showed growth. AllianceBernstein Holding L.P. provides research, investment management and related services globally to a range of clients.

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AllianceBernstein Earnings Cheat Sheet for the Second Quarter

Results: Net income for the asset management company rose to $35.5 million (34 cents per share) vs. $31.8 million (31 cents per share) in the same quarter a year earlier. This marks a rise of 11.8% from the year earlier quarter.

Revenue: Rose 1770.3% to $728 million from the year earlier quarter.

Actual vs. Wall St. Expectations: AB reported adjusted net income of 35 cents per share. By that measure, the company fell short of mean estimate of 40 cents per share. It fell short of the average revenue estimate of $749.2 million.

Quoting Management: “The second quarter of 2011 clearly was challenging,” said Peter S. Kraus, Chairman and Chief Executive Officer. “Rising concerns over European sovereign debt, unrest in the Middle East, the implications of the Japanese earthquake and signs of a slowdown in the U.S. economic recovery weighed on investment performance and reduced equity investors’ appetite for risk.”

Key Stats:

Last quarter’s profit increase breaks a streak of four consecutive quarters of year-over-year profit drops. In the first quarter, net income fell 7.5% from the year earlier, while the figure fell 28.1% in the fourth quarter of the last fiscal year, 80.5% in the third quarter of the last fiscal year and 16.9% in the second quarter of the last fiscal year.

A year-over-year revenue increase last quarter snaps a streak of four consecutive quarters of revenue declines. The worst quarter in that span was the third quarter of the last fiscal year, which saw a 72.5% decrease.

The company fell short of estimates last quarter after being in line with expecations the quarter before with net income of 41 cents.

Competitors to Watch: UBS AG (NYSE:UBS), Legg Mason, Inc. (NYSE:LM), Westwood Hldgs. Group, Inc. (NYSE:WHG), Artio Global Investors Inc. (NYSE:ART), Diamond Hill Investment Group, Inc. (NASDAQ:DHIL), Epoch Holding Corp (NASDAQ:EPHC), Sanders Morris Harris Group (NASDAQ:SMHG), Gamco Investors Inc. (NYSE:GBL), Pzena Investment Management, Inc. (NYSE:PZN), Citigroup (NYSE:C), Bank of America (NYSE:BAC), JP Morgan (NYSE:JPM), Morgan Stanley (NYSE:MS), Goldman Sachs (NYSE:GS), Wells Fargo (NYSE:WFC) and Franklin Resources, Inc. (NYSE:BEN).

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(Source: Xignite Financials)

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