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AllianceBernstein Q3 Profit Falls, But Beats Estimates

AllianceBernstein Holding L.P. (AB), an asset management firm, on Friday posted a decline in earnings for the third-quarter, reflecting a fall in revenues, primarily due to lower investment advisory base fees, distribution revenues, Bernstein Research revenues and performance-based fees.

In addition, excluding items, the company's earnings beat the Street view.

For the third-quarter ended on September 30, the Nashville-headquartered firm posted earnings of $175.180 million or $0.56 per unit, compared with $264.695 million or $0.89 per unit of last year.

Excluding items, earnings were $0.64 per unit, compared with $0.89 per unit in the third quarter of 2021.

Five analysts, on average, polled by Thomson-Reuters were expecting the company to report earnings per unit of $0.57. Analysts' estimates typically exclude one-time items.

Operating earnings declined to $ 170.305 million from last year's $279.650 million.

Total net revenues also fell to $986.984 million for the quarter from $1.092 billion during the corresponding period last year.

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