* Third-quarter net profit/share $0.18 vs $0.43 year ago
* Adjusted earnings/share $0.52 vs est. $0.54
* Net inflows of $8.8 bln vs outflows of $1.4 bln year ago
* Assets under management $268.8 bln as on July 31
Aug 21 Asset manager Eaton Vance Corp
reported a 30 percent rise in quarterly adjusted profit but
narrowly missed analysts' estimates due to significant
non-operating expenses related to the retirement of its debt.
Net income attributable to shareholders more than halved to
$23.2 million, or 18 cents per share, in the quarter ended July
31 from $50.2 million, or 43 cents per share, a year earlier.
The fall in net income was mainly due to $52.9 million in
costs incurred on retirement of debt. Expenses rose 14 percent
in the quarter to $231.5 million.
Excluding items, net income was $66.5 million, or 52 cents
per share. Analysts on average were expecting Eaton Vance to
earn 54 cents per share, according to Thomson Reuters I/B/E/S.
Net inflows into long-term funds and separate accounts were
$8.8 billion in the quarter compared with net outflows of $1.4
billion a year earlier.
Separate accounts are those through which the company offers
customized investment strategies to clients such as institutions
and high net-worth individuals.
Outflows from Eaton Vance's equity funds were $129 million
compared with $3.11 billion a year earlier. Assets under
management increased 39 percent to $268.8 billion as of July 31.
Shares of Eaton Vance, which have fallen about 11 percent in
the three months to Tuesday close, were slightly down at $39.00
in morning trading on the New York Stock Exchange.