Manning & Napier Inc. on Wednesday reported quarterly economic net income of nearly $25 million, or 28 cents a share, up 1 percent from $24.7 million a year ago matching Wall Street estimates on a per-share basis.
The Perinton money management firm’s stock price was $15.52 at the close of trading, matching its 52-week high after climbing as high as $15.55 during the day.
Net revenue for the most-recent quarter was $87.1 million, up 8 percent from $80.4 million in the fourth quarter 2011.
Average assets under management last quarter was $44.5 billion, up 9 percent from $40.7 billion a year ago.
Economic net income for all of 2012 totaled nearly $96.9 billion, up 1 percent from $96.8 million in 2011. Manning & Napier went public Nov. 18, 2011.
Last year was a strong year for the firm’s investment products, CEO Patrick Cunningham said.
“The improving momentum in our short-term track record, in conjunction with our strong long-term track record, has already improved the service environment for our sales teams, and should help us return the business to a position of net inflows,” he said in a statement released Wednesday after the markets closed.
The fourth quarter resulted in a net loss of $252,000, or 2 cents a share, attributable to Manning & Napier. Those calculations include the non-cash vesting of shares and other special charges, and are based on generally accepted accounting principles.
The firm reported a GAAP net loss of nearly $2.7 million, or $2.11 a share, in the fourth quarter of 2011.
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