SEI Investments Q2 Earnings Beat as Revenues & AUM Rise
SEI Investments Co.‘s (NASDAQ: SEIC) second-quarter 2024 earnings of $1.05 per share surpassed the Zacks Consensus Estimate by a penny. The bottom line reflected a rise of 18% from the prior-year quarter’s level.
Results benefited from higher revenues and an increase in the assets under management balance. Higher expenses acted as a headwind.
Net income was $139.1 million, up 17% from the year-ago quarter’s level. Our estimate for the metric was $129.4 million.
Revenues & AUM Improve, Expenses Rise
Total revenues were $519 million, up 6% year over year. The rise was driven by higher asset management, administration and distribution fees. However, the top line missed the Zacks Consensus Estimate of $524 million.
Total expenses were $382.5 million, up 2% year over year. The increase was due to higher compensation, benefits and other personnel …
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