Envestnet: 3Q Earnings Snapshot

Associated Press
Updated

CHICAGO (AP) _ Envestnet Inc. (ENV) on Thursday reported a third-quarter loss of $3.1 million, after reporting a profit in the same period a year earlier.

The Chicago-based company said it had a loss of 6 cents per share. Earnings, adjusted for one-time gains and costs, came to 60 cents per share.

The results surpassed Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of 58 cents per share.

The financial services firm posted revenue of $236.1 million in the period, also topping Street forecasts. Five analysts surveyed by Zacks expected $233.5 million.

For the current quarter ending in December, Envestnet expects its per-share earnings to be 68 cents.

The company said it expects revenue in the range of $236.5 million to $238 million for the fiscal fourth quarter.

Envestnet expects full-year earnings to be $2.14 per share, with revenue ranging from $896.5 million to $898 million.

Envestnet shares have climbed 28% since the beginning of the year. In the final minutes of trading on Thursday, shares hit $62.99, a climb of 19% in the last 12 months.

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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