Envestnet: 3Q Earnings Snapshot
CHICAGO (AP) _ Envestnet Inc. (ENV) on Wednesday reported third-quarter net income of $3 million, after reporting a loss in the same period a year earlier.
On a per-share basis, the Chicago-based company said it had net income of 6 cents. Earnings, adjusted for one-time gains and costs, were 53 cents per share.
The results topped Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of 50 cents per share.
The financial services firm posted revenue of $203.2 million in the period, falling short of Street forecasts. Five analysts surveyed by Zacks expected $204.4 million.
For the current quarter ending in December, Envestnet expects its per-share earnings to be 59 cents.
The company said it expects revenue in the range of $209.5 million to $211 million for the fiscal fourth quarter.
Envestnet expects full-year earnings to be $1.91 per share, with revenue ranging from $812 million to $813 million.
Envestnet shares have climbed almost 6 percent since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $52.80, a rise of 1.5 percent in the last 12 months.