SEI Investments Company (NASDAQ:SEIC) turned in first-quarter earnings below Wall Street expectations as “revenues and profits were slightly impacted by cash flows in our asset management businesses,” said CEO Ryan Hicke.
Q1 EPS of $0.79, trailing the average analyst estimate of $0.83, dropped from $1.36 in the year-earlier quarter. Revenue of $469.1M, slightly above the $468.8M consensus, slid from $581.4M a year before.
Total expenses were $367.4M compared with $366.6M in the year-ago quarter.
Total assets under management stood at $385.3B as of March 31, down from $403.6B as of June 30. Client assets under administration was $899.6B vs. $889B as of June 30.
The company repurchased 1.4M shares of its common stock for $80.3M during the quarter at an average price of $59.03 per share. SEIC, by comparison, ended Thursday’s session at $58.69.
Operating profit by segment:
- Private Banks: $8.33M, down 91% Y/Y.
- Investment Advisors: $43.0M, down 21% Y/Y.
- Institutional Investors: $33.4M, down 19% Y/Y.
- Investment Managers: $54.8M, down 6% Y/Y.
Earlier, SEI Investments GAAP EPS of $0.79 misses by $0.04, revenue of $469.12M in-line.
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