Noah Holdings Sees Jump in Fourth Quarter Revenue, Income Down Slightly
Noah Holdings Ltd., a Shanghai-based provider of wealth and asset management services, reported today that revenue for the fourth quarter jumped nearly 14 percent compared with a year earlier while net income slid slightly.
The company, which collects nearly three-quarters of its revenue from its wealth management business, said revenue in the three months ended Dec. 31 rose to $120.5 million from $105.8 million for the same period in 2017.
Net income declined less than 4 percent to $22 million, 38 cents per fully diluted American depositary share, from 38 cents a year earlier.
For the full year, Noah (NYSE: NOAH) said revenue climbed 16 percent to $481.4 million while net income climbed nearly 6 percent to $116.9 million, or $1.94 per fully diluted ADS.
"We are pleased with our 2018 full year results, and we have met the guidance we provided to the market," said Jingbo Wang, chairwoman and CEO of Noah. "We have been upgrading our business model over the past few years, which we believe will make us less sensitive to economic cycles and be able to maintain sustainable growth in both revenues and net income."
Looking ahead, the company said it expected non-GAAP net income attributable to Noah shareholders to increase between 11.9 percent and 16.8 percent this year compared with the full year 2018.
Noah, which announced earnings after the market closed Tuesday, ended the day at $53.67 per share, up 42 cents.
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