SEI Reports Second-Quarter 2024 Financial Results

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[{"type":"text","content":"OAKS, Pa., July 24, 2024 /PRNewswire/ -- SEI Investments Company (NASDAQ:SEIC) today announced financial results for the second-quarter 2024. Diluted earnings per share were $1.05 in second-quarter 2024 compared to $0.89 in second-quarter 2023.\n\n \nConsolidated Overview\n(In thousands, exceptearnings per share)\nFor the Three Months Ended June 30,\nFor the Six Months Ended June 30,\n2024\n2023\n%\n2024\n2023\n%\n \nRevenues\n \n$518,986\n$489,057\n \n6 %\n \n$1,030,565\n \n$958,176\n \n8 %\nNet income\n139,120\n118,851\n17 %\n270,520\n225,866\n20 %\nDiluted earnings per share \n$1.05\n$0.89\n18 %\n$2.04\n$1.68\n21 %\n \n\"Our second-quarter results reflect 6% profit growth quarter over quarter, as our focus on capital allocation, operational leverage, and revenue growth is seeing real traction and delivering results. We also have momentum across our markets, particularly with the increased adoption of our platforms in our technology and operational businesses,\" said CEO Ryan Hicke.\n\"We are investing in areas we believe represent future growth opportunities, including talent, professional services, innovation, private assets, and emerging technology. Our people and the breadth of our capabilities set us apart in the industry, and we are uniquely positioned to capitalize on opportunities to deliver a world-class client experience and maximize return on invested capital for our stakeholders.\"\n \nSummary of Second-Quarter Results by Business Segment\n(In thousands)\nFor the Three Months Ended June 30,\nFor the Six Months Ended June 30,\n \nPrivate Banks:\n2024\n2023\n%\n2024\n2023\n%\nRevenues\n$132,401\n$132,414\n— %\n$262,538\n$253,316\n4 %\nExpenses\n111,890\n114,165\n(2) %\n224,864\n226,627\n(1) %\nOperating Profit\n20,511\n18,249\n12 %\n37,674\n26,689\n41 %\nOperating Margin\n15 %\n14 %\n14 %\n11 %\nInvestment Advisors: \n Revenues\n \n120,587\n \n109,580\n \n10 %\n \n243,305\n \n216,118\n \n13 %\nExpenses\n68,953\n64,178\n7 %\n135,911\n127,724\n6 %\nOperating Profit\n51,634\n45,402\n14 %\n107,394\n88,394\n21 %\nOperating Margin\n43 %\n41 %\n44 %\n41 %\nInstitutional Investors: \n Revenues\n \n71,507\n \n75,145\n \n(5) %\n \n143,285\n \n149,435\n \n(4) %\nExpenses\n38,426\n45,516\n(16) %\n78,535\n86,384\n(9) %\nOperating Profit\n33,081\n29,629\n12 %\n64,750\n63,051\n3 %\nOperating Margin\n46 %\n39 %\n45 %\n42 %\n Investm...

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