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Eaton Vance (EV) Beats on Q2 Earnings, Revenue Improves
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Have you been eager to see how Eaton Vance Corp. (EV - Free Report) performed in second-quarter fiscal 2017 (ended Apr 30) in comparison with the market expectations? Let’s quickly scan through the key facts from this Massachusetts-based investment management firm’s earnings release this morning:
Earnings Beat
Eaton Vance came out with adjusted earnings per share of 62 cents, outpacing the Zacks Consensus Estimate of 60 cents.
Higher revenues were largely responsible for the earnings beat.
How Was the Estimate Revision Trend?
You should note that the earnings estimate for Eaton Vance depicted optimism prior to the earnings release. The Zacks Consensus Estimate for the current quarter increased 1.7% over the last 7 days.
Notably, Eaton Vance doesn’t have a decent earnings surprise history. Before Q2 earnings, the company has an average negative earnings surprise of 2.9%.
Eaton Vance posted total revenue of $374.6 million, which surpassed the Zacks Consensus Estimate of $371.1 million. Also, it compared favorably with the year-ago number of $323.3 million.
Key Statistics/Developments
As of Apr 30, 2017, assets under management (AUM) were $387 billion, up 21% year-over-year. Also, total net inflows amounted to $12.9 billion in the reported quarter.
During first six months of fiscal 2017, Eaton Vance repurchased nearly 1.9 million shares of its Non-Voting Common Stock for $79 million.
What Zacks Rank Says
The estimate revisions that we discussed earlier have driven a Zacks Rank #3 (Hold) for Eaton Vance. However, since the latest earnings performance is yet to be reflected in the estimate revisions, the rank is subject to change. While things apparently look favorable, it all depends on what sense the just-released report makes to the analysts.
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Eaton Vance (EV) Beats on Q2 Earnings, Revenue Improves
Have you been eager to see how Eaton Vance Corp. (EV - Free Report) performed in second-quarter fiscal 2017 (ended Apr 30) in comparison with the market expectations? Let’s quickly scan through the key facts from this Massachusetts-based investment management firm’s earnings release this morning:
Earnings Beat
Eaton Vance came out with adjusted earnings per share of 62 cents, outpacing the Zacks Consensus Estimate of 60 cents.
Higher revenues were largely responsible for the earnings beat.
How Was the Estimate Revision Trend?
You should note that the earnings estimate for Eaton Vance depicted optimism prior to the earnings release. The Zacks Consensus Estimate for the current quarter increased 1.7% over the last 7 days.
Notably, Eaton Vance doesn’t have a decent earnings surprise history. Before Q2 earnings, the company has an average negative earnings surprise of 2.9%.
Eaton Vance Corporation Price and EPS Surprise
Eaton Vance Corporation Price and EPS Surprise | Eaton Vance Corporation Quote
Revenue Came In Higher Than Expected
Eaton Vance posted total revenue of $374.6 million, which surpassed the Zacks Consensus Estimate of $371.1 million. Also, it compared favorably with the year-ago number of $323.3 million.
Key Statistics/Developments
As of Apr 30, 2017, assets under management (AUM) were $387 billion, up 21% year-over-year. Also, total net inflows amounted to $12.9 billion in the reported quarter.
During first six months of fiscal 2017, Eaton Vance repurchased nearly 1.9 million shares of its Non-Voting Common Stock for $79 million.
What Zacks Rank Says
The estimate revisions that we discussed earlier have driven a Zacks Rank #3 (Hold) for Eaton Vance. However, since the latest earnings performance is yet to be reflected in the estimate revisions, the rank is subject to change. While things apparently look favorable, it all depends on what sense the just-released report makes to the analysts.
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Looking for Stocks with Skyrocketing Upside?
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Ignited by new referendums and legislation, this industry is expected to blast from an already robust $6.7 billion to $20.2 billion in 2021. Early investors stand to make a killing, but you have to be ready to act and know just where to look. See the pot trades we're targeting>>