SEI Reports First-Quarter 2023 Financial Results
Press release
SEI Reports First-Quarter 2023 Financial Results
OAKS, Pa., April 20, 2023 – SEI Investments Company (NASDAQ:SEIC) today announced financial results for the first-quarter 2023. Diluted earnings per share were $0.79 in first-quarter 2023 compared to $1.36 in first-quarter 2022. First-quarter 2022 results included a one-time positive $88.0 million revenue event resulting in $0.47 diluted earnings per share net of associated costs.
Consolidated Overview
(In thousands, except earnings per share)
| For the Three Months Ended March 31, | ||
| 2023 | 2022 | |
| Revenues | $469,119 | $581,443 |
| Net income | 107,015 | 190,308 |
| Diluted earnings per share | $0.79 | $1.36 |
“Our first-quarter results reflect strong sales across most of our business lines, especially in technology and investment processing. Revenues and profits were slightly impacted by cash flows in our asset management businesses. We have a clear strategic focus on driving growth and will be very diligent about managing expenses across the company,” said CEO Ryan Hicke.
“We are encouraged by overall sales results, as well as the size and makeup of our pipelines, reflecting changes we have made over the last year. We will thoughtfully align our capital to opportunities for growth and deliver the solutions our markets value. I believe SEI’s future is ripe with opportunity, and we will be aggressive in executing our long-term growth strategy.”
