Hennessy Advisors, Inc. Reports 46% Increase in Annual Earnings Per Share

Core Insights - Hennessy Advisors, Inc. reported strong financial results for the fiscal year ended September 30, 2024, with a total revenue of $29.6 million, a 23% increase from the previous year, and net income of $7.1 million, reflecting a 49% increase [6][7] - The company emphasized the resilience of the U.S. economy, citing low unemployment, robust corporate earnings, and positive consumer sentiment as key drivers for continued market growth [1][3] - Hennessy Advisors successfully executed its business strategy, resulting in a 23% increase in average assets under management and a 53% increase in total assets under management, reaching $4.6 billion by the end of the fiscal year [3][6] Financial Performance - Total revenue for the fiscal year was $29,646,194, up from $24,019,874 in 2023, marking a 23.4% increase [6] - Net income increased to $7,096,701 from $4,770,888, representing a 48.8% growth [6] - Earnings per share (diluted) rose to $0.92, a 46% increase from $0.63 in the previous year [6] - Average assets under management reached $3,686,942,501, a 23.2% increase from $2,991,689,979 [6] - Total assets under management at fiscal year-end were $4,642,363,105, reflecting a 53.1% increase from $3,032,041,791 [6] Market Context - The U.S. stock market experienced significant growth, with the Dow Jones Industrial Average returning 28.85% and the S&P 500® Index returning 36.35% over the one-year period ending September 30, 2024 [2] - All 17 Hennessy Funds posted positive returns during the same period, with 15 funds achieving positive returns over the three-year period and all 16 funds with at least 10 years of history posting positive returns over both the 5-year and 10-year periods [2]