Equitable Holdings reports Q3 adjusted EPS $1.59, consensus $1.53

Reports Q3 revenue $3.08B vs. $3.62B last year. Adjusting for notable items of $20M, third quarter 2024 Non-GAAP operating earnings was $521M or $1.59 per share. As of September 30, book value per common share including accumulated other comprehensive income was $5.26. Book value per common share excluding AOCI was $26.16. “Our third quarter results highlight sustained organic growth momentum across the company. Non-GAAP operating earnings per share of $1.53 increased 34% from the prior year quarter and were up 22% excluding notable items. In Retirement, our business is growing as we find solutions to serve more Americans’ retirement needs, and we reported net inflows of $1.7 billion in the quarter. Our Wealth Management business delivered record advisory net inflows of $1.9 billion supported by advisor headcount growth and increased productivity. AllianceBernstein also reported its third consecutive quarter of net inflows, including $2.2 billion of active net inflows. The combination of strong new business activity and favorable market conditions drove assets under management and administration to a record $1.0 trillion, which will support future growth in both fee- and spread-based earnings,” said Mark Pearson, President and Chief Executive Officer. “Turning to capital, we returned $330 million to shareholders in the quarter, which translates to a 65% payout ratio, consistent with our 60-70% target. Based on our strong business performance and the capital generated year-to-date, we now expect 2024 cash generation to be at the higher end of our $1.4 billion to $1.5 billion guidance range. We remain on track to deliver $2.0 billion of annual cash generation by 2027.”