By Kailyn Rhone
Shares of Hennessy Advisors rose after the company reported higher annual profit and revenue due to positive returns.
The company's stock rose 8% to $13.20 in after-hours trading Wednesday. For the year, shares are up almost 82%.
The publicly traded investment manager posted an annual profit of $7.1 million, or 92 cents per share, up 49% from $4.77 million, or 63 cents per share, a year ago.
Revenue rose 23% to $29.6 million from $24 million a year earlier, driven by positive returns and execution of the business model.
The Dow Jones Industrial Average returned 28.85% and the S&P 500 Index returned 36.35% on a total return basis in the fiscal year ended on Sept. 30. Over the same period, all 17 Hennessy funds posted positive returns.
Hennessy Advisors also purchased management assets of $72 million in mutual funds, $549 million in net new assets, and benefited from nearly $1 billion in market appreciation.
"Our fiscal year results reflect both the strength of our consistent strategy and the dedication of our talented team, whose focused efforts have driven the success of Hennessy Advisors for over 35 years," said President and Chief Operating Officer Teresa Nilsen.
Write to Kailyn Rhone at kailyn.rhone@wsj.com
(END) Dow Jones Newswires
December 11, 2024 18:05 ET (23:05 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.
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