Eaton Vance Corp. (NYSE:EV) Q3 2020 Earnings Conference Call - Final Transcript
Aug 26, 2020 • 11:00 am ET
Ladies and gentlemen, thank you for standing by, and welcome to the Eaton Vance Corp. Third Fiscal Quarter Earnings Conference call and Webcast. [Operator Instructions] Please be advised that today's call is being recorded. [Operator Instructions]
I would now like to turn the call over to your speaker today, Eric Senay, Treasurer and Director of Investor Relations. Please go ahead.
Pierric G. Senay
Thank you. And good morning. And welcome to our fiscal 2020 third quarter earnings call and webcast. With me this morning are Tom Faust, Chairman and CEO of Eaton Vance, as well as our CFO, Laurie Hylton.
In today's call, we will first comment on the quarter and then take your questions. As always, the full earnings release and charts we will refer to during the call are available on our website, eatonvance.com, under the heading Investor Relations.
Today's presentation contains forward-looking statements about our business and financial results. The actual results may differ materially from those projected due to risks and uncertainties in our business, including, but not limited to, those discussed in our SEC filings. These filings including our 2019 annual report and Form 10-K are available on our website or upon request at no charge.
I will now turn the call over to Tom.
Thomas E. Faust Jr.
Good morning and thank you, everyone, for joining us today. Since we reported our second quarter earnings results in late May, our business, our employees and the communities in which we live and work have continued to be significantly impacted by the ongoing COVID-19 pandemic. Nearly all of our staff continues to work remotely. And that remains our expectations through at least the balance of this year.
Our employees have adapted quite effectively to working from home with minimal disruption to day to day operations and high levels of client service being maintained throughout the pandemic period. The strength and resilience of our business in this difficult environment is testament to the adaptability and commitment of our employees across the company, for which I remain deeply grateful.
Since the sharp market sell off in March, the stimulus actions of governments around the globe and visible progress advancing the development of effective COVID-19 vaccines and therapeutics have fueled a recovery in financial markets.
Over the course of our third fiscal quarter ending in July, we regained $39.4 billion of the $43.6 billion of managed assets that we lost to market price declines in the previous quarter. While the pandemic is far from over, markets are increasingly willing to bet that the worst is behind us and the economic recovery will continue.
Earlier today, we reported adjusted earnings per diluted share of $0.82 for the third quarter of fiscal 2020, up 3% from $0.80 of adjusted earnings per diluted share in the second quarter of fiscal 2020 and down 7% from $0.88 of adjusted earnings per diluted share in the third quarter of fiscal 2019.
On a GAAP basis, we reported a loss of $0.01 per diluted share in the third quarter of fiscal 2020, reflecting