OAKS, Pa., April 24, 2019 – SEI Investments Company (NASDAQ:SEIC) today announced financial results for the first-quarter 2019. Diluted earnings per share were $0.73 in first-quarter 2019 compared to $0.86 in first-quarter 2018.
|(In thousands, except earnings per share)||For the Three Months Ended March 31,|
|Diluted earnings per share||$0.73||$0.86||(15)%|
"Our first-quarter earnings reflect the recovery from the financial markets' swoon in late 2018, offset by reduced processing fees from non-recurring activities and a higher tax rate. While our net sales results for the quarter were down, our company's new sales activities, which are not reflected in first-quarter close results, are robust, and we expect they will translate into stronger levels in the future," said Alfred P. West, Jr., SEI Chairman and CEO.
"As we continue to advance our industry's modernization, SEI hit a key milestone with the completion of the Investment Advisors segment's migration, as well as additional client conversions, to the SEI Wealth PlatformSM late in the quarter. While keeping our focus on costs and profitability, we continue making key investments in our company to enhance long-term growth and shareholder value."