SEI Investments Co. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2016
January 26, 2017 at 02:32 am IST
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SEI Investments Co. reported unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2016. For the quarter, the company reported total revenues of $368,810,000 against $335,397,000 a year ago. Income from operations was $98,141,000 against $82,207,000 a year ago. Income before income taxes was $133,053,000 against $115,082,000 a year ago. Net income was $88,611,000 against $81,739,000 a year ago. Basic and diluted earnings per common share were $0.55 against diluted earnings per common share of $0.48 a year ago. Revenue growth was primarily driven by higher asset management, administration, and distribution fees from market appreciation and improved cash flows from new and existing clients. Fourth quarter earnings increased by 9% from a year ago. Diluted earnings per share for the fourth quarter was $0.55 represents a 15% increase from the $0.48 reported for the fourth quarter of 2015.
For the year, the company reported total revenues of $1,401,545,000 against $1,334,208,000 a year ago. Income from operations was $375,694,000 against $358,213,000 a year ago. Income before income taxes was $508,485,000 against $500,480,000 a year ago. Net income was $333,817,000 against $331,655,000 a year ago. Diluted earnings per common share were $2.03 against $1.96 a year ago. For the year 2016, earnings increased by 1% over 2015 earnings. Diluted earnings per share for the full year were $2.03 is a 4% increase over $1.96 reported in 2015.
SEI Investments Company provides technology and investment solutions that connect the financial services industry. Its segments include Private Banks, Investment Advisors, Institutional Investors, Investment Managers, and Investments in New Businesses. Its Private Banks segment provides outsourced investment processing and investment management platforms to banks and trust institutions, independent wealth advisers, and financial advisers worldwide. Its Investment Advisors segment provides investment management and investment processing platforms to affluent investors through a network of independent registered investment advisors, financial planners, and other investment professionals in the United States. The Institutional Investors segment provides outsourced chief investment officer solutions, including investment management and administrative outsourcing platforms to retirement plan sponsors, healthcare systems, higher education and other not-for-profit organizations worldwide.