SEI Reports Third-Quarter 2024 Financial Results
Net Sales Events, AUM, and AUA Drive Record Quarter
Press release
SEI Reports Third-Quarter 2024 Financial Results
OAKS, Pa., Oct. 23, 2024 – SEI Investments Company (NASDAQ:SEIC) today announced financial results for the third quarter 2024. Relative to the third quarter 2023, EPS increased by 37%, and revenue and operating income grew by 13% and 33%, respectively, with operating margins increasing to 26.8%.
All business segments reported revenue and operating margin growth relative to both the third quarter 2023 and the second quarter 2024. Net sales events of $46 million represent the highest level ever achieved in a single quarter. Total assets under management, administration, and advisement grew to a record high of approximately $1.6 trillion.
Consolidated overview
(in thousands, except earnings per share)
| For the Three Months Ended September 30, | For the Nine Months Ended September 30, | ||||||
| 2024 | 2023 | % | 2024 | 2023 | % | ||
| Revenues | $537,396 | $476,759 | 13% | $1,567,961 | $1,434,935 | 9% | |
| Operating income | 143,832 | 108,472 | 33% | 406,197 | 322,840 | 26% | |
| Operating margin | 26.8% | 22.8% | 18% | 25.9% | 22.5% | 15% | |
| Net income | 154,900 | 115,661 | 34% | 425,420 | 341,527 | 25% | |
| Diluted earnings per share | $1.19 | $0.87 | 37% | $3.23 | $2.54 | 27% | |
“Over the last two years, we have made meaningful adjustments that have reinforced the foundation for executing our growth strategy—driving quality sales, increasing client engagement, and capitalizing on market opportunities. Our record third-quarter results highlight our market momentum and that we are running our company differently," said CEO Ryan Hicke.
“I am confident that SEI’s combination of stability, culture, balance sheet strength, client focus, and willingness to invest in innovation and scalable solutions will drive competitive differentiation and accelerated growth. We are focused on maximizing our enterprise value for our shareholders, and we are proud of our employees’ dedication and enthusiasm.”
