OAKS, Pa., October 25, 2017 -- SEI Investments Company (NASDAQ:SEIC) today announced financial results for the third-quarter 2017. Diluted earnings per share were $0.63 in third-quarter 2017 compared to $0.53 in third-quarter 2016. In addition, on October 24, 2017, SEI's Board of Directors approved an increase in its stock repurchase program by an additional $200.0 million, increasing the available authorization under the program to approximately $230.5 million. Since the beginning of calendar year 2017, the Company repurchased approximately 3.5 million shares at a cost of approximately $188.3 million.
Consolidated Overview
| (In thousands, except earnings per share) | For the Three Months Ended September 30, | For the Nine Months Ended September 30, | ||||
| 2017 | 2016 | % | 2017 | 2016 | % | |
| Revenues | $386,018 | $354,641 | 9% | $1,118,333 | $1,032,735 | 8% |
| Net income | 101,739 | 86,704 | 17% | 282,245 | 245,206 | 15% |
| Diluted earnings per share | $0.63 | $0.53 | 19% | $1.74 | $1.49 | 17% |
“Our third-quarter results reflect continued growth and strategic progress across all of our businesses; even as we continue to invest in and advance our solutions for all our markets," said Alfred P. West, Jr., SEI Chairman and CEO.
“The continued adoption of our broad-based platforms, including the very successful implementation of the SEI Wealth Platform by Regions Bank and a large migration of Investment Advisors segment clients to the Platform, positions us well for the future. As always, we remain committed to long-term sustainable growth and increasing shareholder value."