Hennessy Advisors, Inc. Reports 25% Increase in Quarterly Earnings Per Share and Announces Quarterly Dividend
Hennessy Advisors, Inc. reported a 25% increase in quarterly earnings per share and announced a quarterly dividend. The firm highlighted strong market performance, positive returns on funds, and growth in assets under management. Key financial metrics showed significant growth, with total revenue up 17%, net income up 29%, and fully diluted earnings per share up 25% compared to the previous quarter. The company's total assets under management increased by 36%, strengthening its financial position.
Significant increase in total revenue, net income, and fully diluted earnings per share.
Strong market performance with positive returns on funds and growth in assets under management.
Successful completion of a transaction adding over $70 million to assets under management.
Total assets under management increased by 36% compared to the prior year.
Strengthened financial position with cash and cash equivalents up 10%.
- None.
"The markets started 2024 quite strong and I believe – and investors appear to agree – that many economic fundamentals continue to be favorable," said Neil Hennessy, Chairman and CEO. "We are confident that employment numbers and corporate profit growth will anchor the markets through the uncertainties of an unsettling global landscape and inflationary pressures, which may continue."
"Building on the solid performance in 2023, the S&P 500® Index returned
"It has been rewarding to see our business model produce sound results over the last six months. Our investment product performance has led to solid net inflows, and we were able to add over
Summary Highlights (compared to the prior comparable quarter ended March 31, 2023):
- Total revenue of
$6.9 million 17% . - Net income of
$1.5 million 29% . - Fully diluted earnings per share of
$0.20 25% . - Average assets under management, upon which revenue is earned, of
$3.5 billion 16% . - Total assets under management of
$3.9 billion 36% . - Cash and cash equivalents, net of gross debt, of
$19.3 million 10% .
Three Months Ended March 31, | Change | |||||||
2024 | 2023 | Dollar | Percent | |||||
Total Revenue | $ 6,939,977 | $ 5,915,644 | $ 1,024,333 | 17.3 % | ||||
Net Income | 1,539,823 | 1,194,430 | 345,393 | 28.9 % | ||||
Earnings Per Share (Diluted) | 0.20 | 0.16 | 0.04 | 25.0 % | ||||
Weighted Average Number of Shares Outstanding (Diluted) | 7,700,203 | 7,610,729 | 89,474 | 1.2 % | ||||
Average Fund Assets Under Management | 3,459,895,504 | 2,985,902,812 | 473,992,692 | 15.9 % | ||||
As of March 31, | ||||||||
2024 | 2023 | |||||||
Total Fund Assets Under Management | $ 3,852,601,729 | $ 2,843,963,112 | $ 1,008,638,617 | 35.5 % | ||||
Cash and Cash Equivalents, Net of Gross Debt Balance | 19,343,177 | 17,619,093 | 1,724,084 | 9.8 % | ||||
* Based on the closing stock price of
About Hennessy Advisors, Inc.
Hennessy Advisors, Inc. is a publicly traded investment manager offering a broad range of domestic equity, multi-asset, and sector and specialty funds. Hennessy Advisors, Inc. is committed to providing superior service to shareholders and employing a consistent and disciplined approach to investing based on a buy‑and‑hold philosophy that rejects the idea of market timing.
Supplemental Information
Nothing in this press release shall be considered a solicitation to buy or an offer to sell a security to any person in any jurisdiction where such offer, solicitation, purchase, or sale would be unlawful under the securities laws of such jurisdiction.
Forward-Looking Statements
This press release contains "forward-looking statements" for which Hennessy Advisors, Inc. claims the protection of the safe harbor contained in the Private Securities Litigation Reform Act of 1995. Forward‑looking statements relate to expectations and projections about future events based on currently available information. Forward‑looking statements are not a guarantee of future performance or results and are not necessarily accurate indications of the times at which, or means by which, such performance or results may be achieved. Forward‑looking statements are subject to risks, uncertainties, and assumptions, including those described in the sections entitled "Risk Factors" and elsewhere in the reports that Hennessy Advisors, Inc. files with the Securities and Exchange Commission. Unforeseen developments could cause actual performance or results to differ substantially from those expressed in, or suggested by, the forward‑looking statements. Hennessy Advisors, Inc. management does not assume responsibility for the accuracy or completeness of the forward-looking statements and undertakes no responsibility to update any such statement after the date of this press release to conform to actual results or to changes in expectations.
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SOURCE Hennessy Advisors, Inc.
FAQ
What was the increase in fully diluted earnings per share reported by Hennessy Advisors, Inc.?
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