Westwood Holdings Group Inc. Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2018; Provides Effective Tax Rate Guidance for the Year 2018
July 25, 2018 at 04:15 pm
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Westwood Holdings Group Inc. reported unaudited consolidated earnings results for the second quarter and six months ended June 30, 2018. For the quarter, the company reported total revenues of $32,760,000 against $33,756,000 a year ago. The decreases were primarily due to net outflows and the sale of the Omaha-based component of Private Wealth business, partially offset by higher performance-based fees earned in the current quarter. Income before income taxes was $10,936,000 against $10,583,000 a year ago. Net income was $7,992,000 against $6,896,000 a year ago. Earnings per diluted share were $0.94 against $0.83 a year ago. Economic earnings were $12,245,000 against $11,710,000 a year ago. Economic EPS was $1.43 against $1.41 a year ago.
For the six months, the company reported total revenues of $66,327,000 against $66,379,000 a year ago. Income before income taxes was $21,423,000 against $18,353,000 a year ago. Net income was $15,970,000 against $12,960,000 a year ago. Earnings per diluted share were $1.87 against $1.56 a year ago. Economic earnings were $24,887,000 against $22,318,000 a year ago. Economic EPS was $2.91 against $2.68 a year ago. Net cash provided by operating activities was $26,822,000 against $30,610,000 a year ago. Net cash provided by operating activities was $8,401,000 against $26,822,000 a year ago. Purchases of property and equipment were $426,000 against $245,000 a year ago.
The company continues to expect fiscal 2018 effective tax rate to be in the range of 26% to 28%.
Westwood Holdings Group, Inc. manages investment assets and provides services for clients through its subsidiaries, Westwood Management Corp., Westwood Advisors, L.L.C. and Salient Advisors, L.P. The Companyâs segments include Advisory and Trust. The Advisory segment provides investment advisory services to corporate pension and profit-sharing plans, public employee retirement funds, Taft-Hartley plans, endowments, foundations and individuals, sub-advisory. It also provides investment management services to the Westwood Funds. The Companyâs advisory business investment capabilities: United States Value Equity, Multi-Asset, Energy and Real Assets, Tactical Absolute Return, and Income Alternatives. The Trust segment provides trust and custodial services and participation in common trust funds that it sponsors to institutions and high-net worth individuals. It provides investment advisory services to institutional investors; a family of mutual funds called the Westwood Funds.
Westwood Holdings Group Inc. Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2018; Provides Effective Tax Rate Guidance for the Year 2018