AllianceBernstein revises earnings |
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Published
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Wed, 28 Feb 2007 22:40
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NEW YORK (AP) - Investment manager AllianceBernstein Holding LP said Wednesday it revised its fourth-quarter and full-year 2006 earnings downward because of a $56 million charge related to a class-action settlement.The company now says quarterly earnings rose 28 percent to $109.4 million, or $1.27 per partnership unit, from $85.8 million, or $1.02 per partnership unit during the same period in 2005. The company previously reported quarterly earnings increased 48 percent to $127.3 million, or $1.48 per unit.Annual earnings adjusted to reflect the charge show earnings grew 31 percent to $325 million, or $3.82 per unit, from $248.1, or $3.02 per unit in 2005. The company previously reported that annual earnings rose 38 percent to $342.8 million, or $4.02 per unit.AllianceBernstein also said adjusted fourth-quarter earnings for its operating partnership rose 27 percent to $366.9 million from $289.9 during the same period a year earlier. The company previously reported operating partnership earnings up 45 percent to $421.4 million. Adjusted annual earning rose 28 percent to $1.11 billion from $868.3 million. The company previously reported annual earnings for the operating partnership increased 34 percent to $1.16 billion.Shares of AllianceBernstein rose $1.12 to close at $85.80 on the New York Stock Exchange.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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Axa to buy additional 3 pct of AllianceBernstein for 746 mln usd tomorrow 