AllianceBernstein reports Q3 adjusted EPS 65c, consensus 62c

Reports Q3 revenue $1.03B, consensus $839.98M. “AB delivered organic growth in several key services, while markets and flows reflected investor risk aversion as yields moved higher throughout the quarter,” said Seth Bernstein, President and CEO of AllianceBernstein. “AB saw modest net outflows of $1.9 billion, with active net flows nearly flat. Retail gained market share, with organic growth driven by taxable fixed income and municipals. Our municipal SMA business reached $20 billion in AUM, more than doubling organically over the last five years. In Institutional, fixed income and passive equity outflows more than offset active equities organic growth. Investment performance remained strong in fixed income, with modest improvement in equities. Reflecting higher year-over-year average AUM, on an adjusted basis revenues rose 4%, operating income increased by 13% and earnings per Unit and distributions to unitholders rose by 2%.”