Eaton Vance Q1 Profit Down

(RTTNews) - Eaton Vance Corp. (EV) reported that its first-quarter net income attributable to shareholders declined to $89.91 million or $0.74 per share from $103.99 million or $0.91 per share in the prior year.

Quarterly adjusted earnings were $0.94 per share, an increase of 11 percent from $0.85 in the prior year.

Operating income decreased to $79.5 million in the first quarter of fiscal 2021 from $134.7 million in the first quarter of fiscal 2020, primarily reflecting $81.0 million of compensation expense and other costs recognized in the first quarter of fiscal 2021 in connection with the proposed acquisition of Eaton Vance by Morgan Stanley.

Quarterly revenue increased 8 percent to $488.9 million from $452.6 million last year.

Analysts polled by Thomson Reuters expected the company to report earnings of $0.87 per share and revenues of $457.56 million for the quarter. Analysts' estimates typically exclude special items.