Please do not leave this page until complete. This can take a few moments.
SS&C Technologies, which provides software-enabled services to hedge funds and other big investors, said its second-quarter profits rose 40%, thanks to lower costs and expenses.
The Windsor-based company on Tuesday afternoon reported a profit of $169.5 million, or 64 cents per diluted share, for the three-month period ended June 30, up from $121.1 million, or 45 cents per share, in the second quarter of last year.
Though revenue declined slightly, lower costs and operating expenses made up for it.
The results beat analyst consensus estimates compiled by Zacks Investment Research.
SS&C has grown significantly over the past decade through acquisitions, becoming the largest administrator for “alternative” funds, such as hedge funds. In recent months, two companies have filed separate lawsuits against SS&C alleging antitrust violations.
On an earnings call Tuesday, an analyst asked CEO Bill Stone about the two lawsuits, filed by SEI Global and Arcesium, and whether the disagreements reflect a broader resistance to SS&C’s recent efforts to increase its pricing.
Stone said the disputes are outliers and pointed to the company’s 96% retention rate among its customers as evidence of strong relationships.
“There are contractual issues in both cases that have nothing to do with pricing,” Stone said.
This special edition informs and connects businesses with nonprofit organizations that are aligned with what they care about. Each nonprofit profile provides a crisp snapshot of the organization’s mission, goals, area of service, giving and volunteer opportunities and board leadership.
Learn moreHartford Business Journal provides the top coverage of news, trends, data, politics and personalities of the area’s business community. Get the news and information you need from the award-winning writers at HBJ. Don’t miss out - subscribe today.
SubscribeDelivering Vital Marketplace Content and Context to Senior Decision Makers Throughout Greater Hartford and the State ... All Year Long!
Read HereThis special edition informs and connects businesses with nonprofit organizations that are aligned with what they care about. Each nonprofit profile provides a crisp snapshot of the organization’s mission, goals, area of service, giving and volunteer opportunities and board leadership.
Hartford Business Journal provides the top coverage of news, trends, data, politics and personalities of the area’s business community. Get the news and information you need from the award-winning writers at HBJ. Don’t miss out - subscribe today.
Delivering Vital Marketplace Content and Context to Senior Decision Makers Throughout Greater Hartford and the State ... All Year Long!
In order to use this feature, we need some information from you. You can also login or register for a free account.
By clicking submit you are agreeing to our cookie usage and Privacy Policy
Already have an account? Login
Already have an account? Login
Want to create an account? Register
In order to use this feature, we need some information from you. You can also login or register for a free account.
By clicking submit you are agreeing to our cookie usage and Privacy Policy
Already have an account? Login
Already have an account? Login
Want to create an account? Register
This website uses cookies to ensure you get the best experience on our website. Our privacy policy
To ensure the best experience on our website, articles cannot be read without allowing cookies. Please allow cookies to continue reading. Our privacy policy
0 Comments