Alliance Bernstein Q2 Profit Up 21.3%
(RTTNews) - On Tuesday, AllianceBernstein L.P. (AB), an asset management company reported higher income for the second quarter due to higher revenue, compared to the prior year.
Net income attributable to AB Unitholders for the period increased to $255.22 million, from $210.47 million in the same quarter last year, which reflects a change of 21.3 percent.
Net income per unit for the period rose to $0.77, from $0.64 in the previous year.
Distribution per unit for the second quarter increased to $0.82, from $0.76 a year ago.
Adjusted net income went down to $76.13 million, from $83.88 million in the prior year.
Adjusted net income per unit climbed to $0.82, from $0.76 in the previous year.
Total revenue for the period was $1.18 billion, up from $1.10 billion last year, which reflects a 7.1 percent yearly change.
Average assets under management climbed to $881.2 million, from $799.5 million in the same quarter last year.
In the pre-market activity on the NYSE, the shares were trading 0.18 percent higher at $37.97, after closing Monday's trading 1.88 percent up.
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