Eaton Vance’s profit up, Netezza’s down

Associated Press / November 25, 2009

E-mail this article

Invalid E-mail address
Invalid E-mail address

Sending your article

Your article has been sent.

  • E-mail|
  • Print|
  • Reprints|
  • |
Text size +

Eaton Vance Corp. reported yesterday that its quarterly profit rose 39 percent, while Netezza Corp.’s fell 75 percent.

Profit at Eaton Vance, a Boston-based investment manager, jumped in the fourth quarter on higher assets under management and lower investment losses. The company earned $48.4 million, or 39 cents per share.

Earnings in the latest quarter were increased by about 5 cents per share by tax adjustments, primarily related to stock-based compensation.

The performance beat Wall Street expectations. On average, analysts polled by Thomson Reuters expected earnings of 33 cents per share.

In the latest quarter, assets under management grew to $154.9 billion, up 26 percent from 2008. That helped lift quarterly investment advisory and administration fees 2 percent, to $195 million.

For the full year, Eaton Vance earned $130.1 million, or $1.08 per share. That was down 34 percent from $195.7 million, or $1.57 per share last year.

Netezza, a Marlborough data storage and analysis company, said its profit dropped 75 percent in the fiscal third quarter as stock-based compensation costs increased and revenue declined.

Profit fell to $850,000, or a penny per share. That compares with earnings of $3.5 million, or 5 cents per share, a year earlier.

Excluding stock-based compensation expenses, the company said it earned $3 million, or 5 cents per share, in the latest period. On that basis, results beat analysts’ 2-cent estimate.

Netezza’s revenue fell 6 percent to $47.7 million.