Eaton Vance reported earnings per diluted share of $2.12 for the fiscal year ended October 31, 2016.
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This is an increase of 10 percent from $1.92 of earnings per diluted share for the fiscal year ended October 31, 2015.
The company had adjusted earnings per diluted share(1) of $2.13 for the fiscal year ended October 31,2016, a decrease of 7percent from $2.29 of adjusted earnings per diluted share for the fiscal year ended October 31,2015.
For the fiscal year ended October 31,2016, adjusted earnings per diluted share differed from GAAP earnings by $0.01 as a result of the payment of $2.3 million of structuring fees in connection with the initial public offering of Eaton Vance High Income 2021 Target Term Trust in May.
Adjusted earnings differed from GAAP earnings for the fiscal year ended October 31, 2015 as a result of the January 2015 payment of $73.0 million, or approximately $0.37 per diluted share, to terminate service and additional compensation arrangements in place with a major distribution partner for certain Eaton Vance closed-end funds.
The company earned $0.57 per diluted share in the fourth quarter of fiscal 2016, an increase of 8 percent from $0.53 per diluted share in the fourth quarter of fiscal 2015 and an increase of 4 percent from $0.55 per diluted share in the third quarter of fiscal 2016.
The company had adjusted earnings per diluted share of $0.57 in the fourth quarter of fiscal 2016, an increase of 8percent from $0.53 of adjusted earnings per diluted share in the fourth quarter of fiscal 2015 and up 2 percent from $0.56 of adjusted earnings per diluted share in the third quarter of fiscal 2016.
Adjusted earnings differed from GAAP earnings by $0.01 per diluted share in the third quarter of fiscal 2016 as a result of the $2.3 million of closed-end fund structuring fees mentioned above.
Gains (losses) and other investment income related to seed capital investments contributed $0.05 and $0.01 per diluted share for the fiscal years ended October 31,2016 and October 31,2015, respectively.
Gains (losses) and other investment income related to seed capital investments increased earnings per diluted share by $0.01 in the fourth quarter and third quarter of fiscal 2016, and reduced earnings per diluted share by $0.01 in the fourth quarter of fiscal 2015.
Consolidated net inflows of $19.3 billion in the fiscal year ended October 31,2016 represent a 6 percent annualized internal growth rate (consolidated net inflows divided by beginning of period consolidated assets under management).
For comparison, the company had consolidated net inflows of $16.7 billion and 6 percent internal growth for the fiscal year ended October 31,2015.
Consolidated net inflows of $4.8 billion in the fourth quarter of fiscal 2016 represent a 6 percent annualized internal growth rate.
This compares to net inflows of $4.6 billion in the fourth quarter of fiscal 2015 and net inflows of $7.1 billion in the third quarter of fiscal 2016. ■