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NASHVILLE, Tenn. (AP) — NASHVILLE, Tenn. (AP) — AllianceBernstein Holding LP (AB) on Thursday reported first-quarter earnings of $74 million.
On a per-share basis, the Nashville, Tennessee-based company said it had net income of 67 cents. Earnings, adjusted for non-recurring costs, came to 80 cents per share.
The results exceeded Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 78 cents per share.
The investment management company posted revenue of $1.08 billion in the period. Its adjusted revenue was $838.2 million.
AllianceBernstein shares have dropped 1% since the beginning of the year. The stock has risen almost 10% in the last 12 months.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on AB at https://www.zacks.com/ap/AB