SEI Reports Third-Quarter 2023 Financial Results
Press release
SEI Reports Third-Quarter 2023 Financial Results
OAKS, Pa., Oct. 25, 2023 – SEI Investments Company (NASDAQ:SEIC) today announced financial results for the third-quarter 2023. Diluted earnings per share were $0.87 in third-quarter 2023 compared to $0.45 in third-quarter 2022. Third-quarter 2022 results included one-time costs of the voluntary separation program of $57.0 million resulting in $0.32 diluted earnings per share.
Consolidated Overview
(In thousands, except earnings per share)
| For the Three Months Ended September 30, |
For the Nine Months Ended September 30, |
|||||
| 2023 | 2022 | % | 2023 | 2022 | % | |
| Revenues | $476,759 | $471,334 | 1% | $1,434,935 | $1,534,447 | (6)% |
| Net income | 115,661 | 61,659 | 88% | 341,527 | 363,243 | (6)% |
| Diluted earnings per share | $0.87 | $0.45 | 93% | $2.54 | $2.63 | (3)% |
“Our third-quarter financial results reflect continued positive sales activity in our operational and processing businesses and strong profitability due to solid revenue and sound expense management, particularly in our technology and investment processing businesses. We remain focused on executing our strategic growth initiatives and diligently managing expenses across the organization,” said CEO Ryan Hicke.
“Despite persisting challenges in the broader market environment, we continue to prudently invest in our talent and solutions to provide our clients an unmatched set of capabilities. Our market activity remains strong, and we are well-positioned to capitalize on the opportunities ahead. We will continue to deliver operational excellence, expand our reach across markets globally, and maintain our strong financial position to deliver long-term growth for our stakeholders.”
