NEW YORK - AllianceBernstein Holding L.P. (NYSE:AB) reported fourth-quarter earnings that exceeded analyst expectations, while revenue saw a significant increase compared to estimates.
The asset management firm posted adjusted diluted net income of $1.05 per unit for the fourth quarter, surpassing the analyst consensus of $0.87 by $0.18. Revenue for the quarter came in at $1.26 billion, substantially higher than the $901.07 million analysts had forecast.
AllianceBernstein experienced net outflows of $4.8 billion in the fourth quarter, compared to net inflows of $1.1 billion in the third quarter and net outflows of $1.8 billion in the same quarter last year.
For the full year 2024, the company reported total net outflows of $2.2 billion, an improvement from net outflows of $7.0 billion in 2023.
"2024 was a transformative year for AllianceBernstein, as we successfully executed on key initiatives to improve our financial profile and expanded our investment and distribution capabilities," said Seth Bernstein, President and CEO of AllianceBernstein.
The firm declared a cash distribution of $1.05 per unit, payable on March 13, 2025, to unitholders of record as of February 18, 2025.
AllianceBernstein’s assets under management stood at $725 billion as of December 31, 2024, reflecting the company’s position in the asset management industry despite the challenges faced during the year.
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