Virtus Investment Partners Q3 adjusted EPS beats estimates
VRTS•Virtus Investment Partners reported Q3 adjusted EPS of $5.86, above the $5.78 consensus, while revenue fell 9% year over year and assets under management declined 16% to $141.4 billion. The company repurchased $10 million in shares and raised its dividend by 2%.
1. Quarterly results
Virtus Investment Partners reported Q3 adjusted EPS of $5.86, beating the $5.78 consensus estimate. Revenue was $197.6 million, and net income was $22.1 million.
2. Assets and capital returns
Assets under management fell 16% to $141.4 billion. Net outflows across retail separate accounts, institutional accounts, US retail funds and global funds reduced assets under management. Virtus repurchased $10 million in shares and raised its dividend by 2%.
3. Factors affecting results
Institutional and retail separate account sales declined from the prior quarter, with institutional sales lower due to the absence of a large mandate seen previously. Lower employment expenses, including the absence of a discrete expense item from the prior quarter, supported operating income. The company provided no specific guidance for current or future periods.
