AllianceBernstein reports Q4 adjusted EPS 77c, consensus 63c

Reports Q4 revenue $1.09B, consensus $857.83M. “Equity and fixed income markets registered strong gains in 2023, aided by a robust fourth quarter rally as investors anticipated a shift in Fed policy to lower interest rates in 2024,” said Seth P. Bernstein, President and CEO of AllianceBernstein. “In 2023 AB was among the beneficiaries of the early wave of fixed income allocations, with two of our three distribution channels growing organically. By asset class, lower Active Equities demand was mostly offset as Municipals grew organically by 11%, with strong demand from US Retail, and Taxable Fixed Income grew organically by 3%, driven by cross-border demand. Our Private Markets platform expanded its offerings, with total AUM of $61B, up 9%. For the full year, our average AUM and adjusted operating income declined by 1%, and adjusted operating margin of 28.2% compared with 28.9% the prior year. Adjusted earnings and unitholder distributions decreased by 9% year-over-year.”