AllianceBernstein reports Q1 EPS 73c, consensus 71c

Reports Q1 adjusted revenue $884.18M, consensus $902.78M. Q1 average AUM was $738.9M vs. $666.8M last year. “Global equity markets continued their strong gains in the first quarter, while bond market returns reflected a more cautious stance on inflation and interest rates,” said CEO Seth Bernstein. “AB grew organically, led by active net inflows of $3.7B, or 2.3% active organic growth. Our retail channel grew by 6% annualized organically, driven by over 25% organic growth in both taxable fixed income and municipals. Alternatives and multi-asset grew by 8% organically, positive in every channel. Offsetting these strengths were persistent equity net outflows. Investment performance showed steady improvement in equities and remained strong in fixed income. Reflecting higher year-over-year average AUM, on an adjusted basis revenues rose 6%, operating income increased by 12%, and operating margin exceeded 30%, growing 160 basis points year over year. Earnings per Unit and distributions to unitholders rose by 11%.”