AllianceBernstein Holding L.P. Earnings: Net Income Declines Year-Over-Year

AllianceBernstein Holding L.P. (NYSE:AB) reported its results for the first quarter. AllianceBernstein Holding provides research, investment management, and related services globally to a range of clients.

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AllianceBernstein Earnings Cheat Sheet for the First Quarter

Results: Net income for AllianceBernstein Holding L.P. fell to $26.7 million (26 cents per share) vs. $43.7 million (42 cents per share) a year earlier. This is a decline of 38.9% from the year-earlier quarter.

Actual vs. Wall St. Expectations: AllianceBernstein Holding L.P. reported adjusted net income of 29 cents per share. By that measure, the company beat the mean estimate of 23 cents per share.

Quoting Management: “As market conditions improved in the first quarter of 2012, so did our investment performance and operating results. Gross sales were up by double-digits both sequentially and year-over-year, assets under management grew as a result of both market appreciation and Retail net inflows, and we reduced expenses and improved our adjusted operating margin in the quarter,” said Peter S. Kraus, Chairman and Chief Executive Officer.

Key Stats:

The company topped expectations last quarter after falling short of forecasts in the fourth quarter of the last fiscal year with net income of 7 cents versus a mean estimate of net income of 21 cents per share.

The company reported a profit last quarter after being in the red the prior quarter. In the third quarter of the last fiscal year, the company booked a net loss of $27 million, or a loss of 26 cents per share.

Looking Forward: Over the past ninety days, the average estimate for the second quarter has fallen from 27 cents per share to 25 cents, indicating that analysts are growing pessisimistic about the company’s performance next quarter. For the fiscal year, the average estimate has moved down from $1.12 a share to $1.07 over the last ninety days.

(Company fundamentals provided by Xignite Financials. Earnings estimates provided by Zacks)

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