Envestnet: 3Q Earnings Snapshot

CHICAGO (AP) _ Envestnet Inc. (ENV) on Thursday reported third-quarter net income of $1.9 million, after reporting a loss in the same period a year earlier.

The Chicago-based company said it had profit of 3 cents per share. Earnings, adjusted for one-time gains and costs, were 72 cents per share.

The results beat Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of 60 cents per share.

The financial services firm posted revenue of $252.6 million in the period, which also topped Street forecasts. Five analysts surveyed by Zacks expected $246.4 million.

For the current quarter ending in December, Envestnet expects its per-share earnings to be 64 cents.

The company said it expects revenue in the range of $255.5 million to $257.5 million for the fiscal fourth quarter.

Envestnet expects full-year earnings in the range of $2.51 to $2.53 per share, with revenue ranging from $989.8 million to $991.8 million.

Envestnet shares have climbed 20% since the beginning of the year. In the final minutes of trading on Thursday, shares hit $83.71, an increase of 33% in the last 12 months.


This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on ENV at https://www.zacks.com/ap/ENV

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