By Connor Hart
Equitable Holdings swung to a profit in the fourth quarter as revenue rose sharply, though it missed Wall Street estimates.
The holding company for financial-services businesses including Equitable and AllianceBernstein reported a profit of $899 million, or $2.76 a share, compared with a loss of $698 million, or $2.15 a share, a year earlier.
Adjusted per-share earnings came in at $1.57, missing the $1.62 that analysts surveyed by FactSet were expecting.
Total revenue jumped 67% to $3.62 billion but came in below the $3.88 billion that analysts were seeking.
Total assets under management increased to $1.019 trillion from $930 billion a year earlier. The company attributed the increase to positive net inflows and higher markets over the prior twelve months.
Looking forward, Chief Executive Mark Pearson said he expects the company's momentum to continue throughout 2025.
"We forecast Non-GAAP operating EPS growth to be consistent with our 12-15% target and project cash generation to increase to $1.6-1.7 billion, supported by organic growth across our Retirement, Asset Management, and Wealth Management businesses and continued execution against our strategic initiatives," he said.
Write to Connor Hart at connor.hart@wsj.com
(END) Dow Jones Newswires
February 05, 2025 17:00 ET (22:00 GMT)
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