Hennessy Advisors, Inc. Reports 73% Increase in Quarterly Earnings Per Share and Announces Quarterly Dividend

About this update from Hennessy Advisors, Inc.

[{"type":"text","content":"NOVATO, Calif., Aug. 8, 2024 /PRNewswire/ -- Hennessy Advisors, Inc. (Nasdaq: HNNA) reported results for its third fiscal quarter of 2024, which ended June 30, 2024. The firm also announced a quarterly dividend of $0.1375 per share to be paid on September 5, 2024, to shareholders of record as of August 22, 2024, which represents an annualized dividend yield of 6.6%.*\n\n\"The U.S. stock market continues to perform well in 2024, with the Dow Jones Industrial Average up 4.79% and the S&P 500® Index up 15.29% for the calendar year-to-date through June 30, 2024. Even the most persistent stock market naysayers seem to have come to a consensus that the markets will likely remain positive through the end of the year. Investors appear to be optimistic about lower inflation data, continued earnings growth, possible interest rate cuts, and solid 2.3% GDP growth estimates for 2024 – and rightly so in my opinion,\" said Neil Hennessy, Chairman and CEO. \"We at Hennessy Funds are proud to manage a successful fund lineup. Our family of funds has delivered both recent solid returns and consistent long-term results,\" he added.\n\"We are both pleased with our product performance and encouraged by the flows into our funds. In the nine months ended June 30, 2024, we have grown assets under management by nearly $1 billion, due to our three-pronged effort of fund acquisitions of $72 million, net inflows of $364 million, and fund performance of $560 million,\" said Teresa Nilsen, President and COO. \"With our total assets under management over $4 billion, we are notably increasing net income, earnings per share, and cash flow over prior periods,\" she added.\nSummary Highlights (compared to the prior comparable quarter ended June 30, 2023):\nTotal revenue of $7.8 million, an increase of 37%.Net income of $2.0 million, an increase of 82%.Fully diluted earnings per share of $0.26, an increase of 73%.Average assets under management, upon which revenue is earned, of $3.9 billion, an increase of 37%.Total assets under management of $4.0 billion, an increase of 36%.Cash and cash equivalents, net of gross debt, of $21.8 million, an increase of 14%.Three Months Ended June 30,\nChange\n2024\n2023\nAmount\nPercent\nTotal Revenue\n$ 7,784,523\n$ 5,701,330\n$ 2,083,193\n36.5 %\nNet Income\n2,029,527\n1,116,039\n913,488\n81.9 %\nEarnings Per Share (Diluted)\n0.2...

More updates from Hennessy Advisors, Inc.