Eaton Vance Slips To Loss In Q3
(RTTNews) - Eaton Vance Corp. (EV) reported that its third-quarter net loss attributable to shareholders was $1.59 million or $0.01 per share compared to net income of $102.22 million or $0.90 per share in the prior year. The latest-quarter results reflected a $0.90 per share charge against earnings in connection with a $100.5 million impairment loss recognized during the quarter on the company's investment in 49 percent-owned affiliate Hexavest.
Adjusted earnings per share were $0.82, a decrease of 7 percent from $0.88 last year.
Quarterly revenue decreased 2 percent to $420.8 million from $431.2 million in the third quarter of fiscal 2019.
Analysts polled by Thomson Reuters expected the company to report earnings of $0.78 per share and revenues of $406.23 million. Analysts' estimates typically exclude special items.
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