Eaton Vance Corp. (EV) reported that its second-quarter of 2013 net income attributable to shareholders increased to $63.68 million or $0.50 per share, from $52.87 million or $0.44 per share in the same quarter last year.
In the second quarter of fiscal 2013, adjusted earnings differed from GAAP earnings due to the closed-end fund structuring fees recognized in connection with the $205 million initial public offering of Eaton Vance Municipal Income Term Trust during the quarter, which reduced GAAP earnings per diluted share by $0.01.
In the first quarter of fiscal 2013, adjusted earnings per diluted share also differed from GAAP earnings per diluted share due to the application of the two-class method of computing earnings per share in connection with the special dividend declared in the first quarter of fiscal 2013, which reduced GAAP earnings per share by $0.03.
Adjusted net income attributable to shareholders was $66.02 million or $0.52 per share, up from $53.97 million or $0.45 per share last year. Analysts polled by Thomson Reuters expected the company to report earnings of $0.52 per share for the quarter. Analysts' estimates typically exclude special items.
Revenues for the quarter rose to $331.69 million from $304.77 million in the prior year quarter. Eleven analysts had consensus revenue estimate of $335.51 million for the quarter.
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