Hennessy Advisors, Inc. Reports 73% Increase in Quarterly Earnings Per Share and Announces Quarterly Dividend

Core Insights - Hennessy Advisors, Inc. reported strong financial results for the third fiscal quarter of 2024, with significant increases in revenue, net income, and earnings per share compared to the same quarter in the previous year [3][4] - The company announced a quarterly dividend of $0.1375 per share, reflecting an annualized dividend yield of 6.6% [1] - The U.S. stock market has shown positive performance in 2024, contributing to the company's optimistic outlook [1] Financial Performance - Total revenue reached $7.8 million, marking a 37% increase year-over-year [3][4] - Net income was reported at $2.0 million, an increase of 82% compared to the prior year [3][4] - Fully diluted earnings per share rose to $0.26, reflecting a 73% increase [3][4] - Average assets under management increased to $3.9 billion, a 37% rise from the previous year [3][4] - Total assets under management reached $4.0 billion, up 36% year-over-year [3][4] - Cash and cash equivalents, net of gross debt, increased to $21.8 million, a 14% rise [3][4] Asset Growth - The company grew assets under management by nearly $1 billion in the nine months ended June 30, 2024, driven by fund acquisitions, net inflows, and fund performance [2] - Total assets under management surpassed $4 billion, indicating strong growth and investor confidence [2][4] Market Context - The Dow Jones Industrial Average and S&P 500 Index have shown increases of 4.79% and 15.29%, respectively, year-to-date through June 30, 2024 [1] - The positive market sentiment is attributed to lower inflation data, continued earnings growth, potential interest rate cuts, and solid GDP growth estimates of 2.3% for 2024 [1]