Eaton Vance's profit more than doubled in the fiscal second quarter as clients entrusted more money to the investment manager, the company said Wednesday.
The company earned $53.2 million, or 43 cents per share, in the three months ended April 30, compared with profit of $23.1 million, or 17 cents per share, in the fiscal second quarter last year.
Profit met analysts' expectations, according to a Thomson Financial survey.
Revenue, which the company derives mainly from charging fees for managing clients' investments, climbed 5 percent to $273.4 million from $260.2 million. Analysts expected revenue of $277.7 million.
Chief Executive Thomas E. Faust Jr. said in a statement he is "pleased with the company's solid performance in the midst of a difficult environment for asset managers."
The stock market was essentially flat in the three months ended April 30.
Clients poured $4.9 billion into their accounts in the second quarter, boosting investments under management by 4 percent to $159.1 billion.
Faust said Eaton Vance is in a good spot to reap the benefits of a stabilizing market.
Shares of the company added 14 cents to $40.64 in morning trading.
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