Investment management firm, AllianceBernstein Holding L.P. (AB), Wednesday reported an increase in earnings for the first quarter backed on by higher revenues, and exceeded analyst estimates.
The company said high demand for fixed income, solid equity markets, among others helped it report good results.
The company reported net income attributable to AllianceBernstein unitholders of $114.5 million compared with $87.2 million during the comparable period last year. On a per share basis, earnings were $0.38 compared with $0.26 last year.
On average, nine analysts polled by Thomson Reuters expected earnings per share of $0.35 for the quarter. Analysts' estimates typically exclude one-time items.
Revenues for the quarter on a GAAP basis was $709 million compared with $682 million during the same period last year. Analyst estimated revenues of $683.59 million for the quarter. On an adjusted basis, the company generated revenues of $577 million compared with $562 million in the comparable quarter a year ago.
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