AllianceBernstein Holding Q2 Profit Rises - Quick Facts

(RTTNews) - AllianceBernstein Holding L.P. (AB) reported that its second-quarter equity in net income attributable to AllianceBernstein Unitholders rose to $45.44 million from $27.80 million in the year ago quarter. Net Income per Unit increased to $0.40 from $0.21 last year.

Adjusted net income per unit was $0.41, compared to $0.24 last year. Analysts polled by Thomson Reuters expected the company to report earnings of $0.38 per share for the quarter. Analysts' estimates typically exclude special items.

AllianceBernstein L.P said that its second-quarter net income attributable to AllianceBernstein Unitholders improved to $120.71 million from $74.18 million last year. Net revenues were $734.27 million, up from $642.16 million last year, driven by investment gains in the current period versus prior-period investment losses and higher distribution revenues on non-US retail products, base fees and Bernstein Research Services revenues.

AllianceBernstein L.P's Adjusted net revenues of $598 million were up 10% compared to the second quarter of 2012, driven primarily by higher Bernstein Research Services revenues and base and performance-based fees, as well as current quarter investment gains compared to prior-period investment losses.