AllianceBernstein reports Q2 adjusted EPS 71c, consensus 66c

Reports Q2 adjusted revenue $825.83M, consensus $804.61M. “AB performed well in the second quarter, as global equity markets continued their solid gains,” said Seth P. Bernstein, President and CEO of AllianceBernstein. “AB posted active net inflows of $1.3 billion, or 1% active organic growth, despite continued active equity outflows. Our retail channel grew by 4% annualized organically, driven by strong growth in fixed income, including 17% growth in municipals. Alternatives/multi-asset grew organically in each channel. Importantly, investment performance improved in equities and remained strong in fixed income. Investment advisory fees grew 13%, adjusted operating income increased by 15% and adjusted operating margin of 30.8% grew 380 basis points year over year. Adjusted earnings per Unit and distributions to unitholders rose by 16%.”