SEI Reports Third-Quarter 2022 Financial Results
SEI Investments Company today announced financial results for the third-quarter 2022
Press release
SEI Reports Third-Quarter 2022 Financial Results
OAKS, Pa., Oct. 26, 2022 – SEI Investments Company (NASDAQ:SEIC) today announced financial results for the third-quarter 2022. Diluted earnings per share were $0.45 in third-quarter 2022 compared to $0.97 in third-quarter 2021. Diluted earnings per share reflect one-time costs of the voluntary separation program of $57.0 million, or $0.32 per share.
Consolidated Overview
(In thousands, except earnings per share)
| For the Three Months Ended September 30, |
For the Nine Months Ended September 30, |
|||||
| 2022 | 2021 | % | 2022 | 2021 | % | |
| Revenues | $471,334 | $485,322 | (3)% | $1,534,447 | $1,416,659 | 8% |
| Net income | 61,659 | 138,045 | (55)% | 363,243 | 401,293 | (9)% |
| Diluted earnings per share | $0.45 | $0.97 | (54)% | $2.63 | $2.79 | (6)% |
“Our third-quarter financial results reflect strong sales activity from market adoption of our solutions. Revenue and profits were impacted by lower capital market performance, one-time costs associated with our voluntary separation program, and continued inflationary pressures on costs. All of our markets are facing a changing landscape, and while this change is challenging, we believe it reinforces growth opportunity for SEI,” said CEO Ryan Hicke.
“We will continue to take the important and necessary steps to invest in our talent and capabilities, while aligning our company for organic and inorganic growth. This is an exciting time for SEI, and we will capitalize on our unmatched position at the intersection of asset management and technology. I remain enthusiastic about SEI’s future as we set the direction and pace of growth to deliver value for our employees, clients, and shareholders.”
