Envestnet, Inc.’s ENV reported better-than-expected third-quarter 2020 results.Adjusted earnings (excluding 69 cents from non-recurring items) per share of 72 cents outpaced the Zacks Consensus Estimate as well as the year-ago quarter’s reported figure by 20%. Revenues of $252.6 million surpassed the consensus mark by 2.5% and climbed 7% year over year.So far this year, shares of Envestnet have gained 20.2% against 1.8% decline of the industry.Quarterly Numbers in DetailAdjusted revenues of $252.7 million jumped 6% year over year. Adjusted net revenues grew 4% to $181.5 million.Asset-based recurring revenues of $137.7 million increased 8.8% year over year, contributing 56.1% to total revenues. Subscription-based recurring revenues of $107.89 million were up 7.3% from the prior-year quarter’s levels, contributing 43.9% to total revenues. Professional services and other non-recurring revenues declined 22.3% year over year to $6.9 million.Adjusted EBITDA came in at $67.6 million, up 24% year over year.Envestnet, Inc Price, Consensus and EPS Surprise Envestnet, Inc price-consensus-eps-surprise-chart | Envestnet, Inc QuoteEnvestnet ended the third quarter with cash and cash equivalent balance of $362.9 million compared with $92.2 million at the end of the prior quarter. The company generated around $85.1 million of cash from operating activities. CapEx was $4.5 million.Raised Q4 & 2020 OutlookFor fourth-quarter 2020, Envestnet expects adjusted earnings to be 64 cents per share (previous guidance: 59 cents per share). The raised guidance is higher than the current Zacks Consensus Estimate of 60 cents. Total revenues are estimated between $255.5 million and $257.5 million (previous guidance: $244.5 million and $246 million). This guidance is higher than the current Zacks Consensus Estimate of $246.36 millionAdjusted net revenues are projected in the range of$181-$183.5 million (previous guidance: $174.5-$176.5 million). The company expects adjusted EBITDA in the band of $60-$61 million (previous guidance: $56 million to $57 million).For 2020, adjusted EPS is now expected in the range of $2.51-$2.53 compared with the prior-guided range of $2.28 and $2.31. The Zacks Consensus Estimate of $2.34 per share lies below the updated guidance.Total revenues are now anticipated between $990.5 million and $992.5 million compared with the prior guidance of $977-$980MILLION. The Zacks Consensus Estimate of $982.54 million lies below the updated guidance.Adjusted net revenues are now projected in the range of $714.4-$716.9 million compared with the prior guidance of $704.5-$708.5 million. The company now projects adjusted EBITDA of $238-$239 million compared with the prior guidance of $221-$223 million.Currently, Envestnet carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 (Strong Buy) Rank stocks here.Performance of Other Business Services CompaniesEquifax EFX reported better-than-expected third-quarter 2020 results, with adjusted earnings of $1.87 per share beating the Zacks Consensus Estimate by 16.2% and rising 26.4% on a year-over-year basis. The reported figure exceeded the company’s guidance of $1.30-$1.40.The Interpublic Group of Companies IPG reported better-than-expected third-quarter 2020 adjusted earnings of 53 cents per share, which beat the Zacks Consensus Estimate by 43.2% and rose 8.2% on a year-over-year basis.IQVIA Holdings IQV reported solid third-quarter 2020 adjusted earnings per share of $1.63, which beat the consensus mark by 8% and inched up 1.9% on a year-over-year basis. The reported figure was above the company’s guidance of $1.47-$1.55.5 Stocks Set to DoubleEach was hand-picked by a Zacks expert as the #1 favorite stock to gain +100% or more in 2020. Each comes from a different sector and has unique qualities and catalysts that could fuel exceptional growth.Most of the stocks in this report are flying under Wall Street radar, which provides a great opportunity to get in on the ground floor.Today, See These 5 Potential Home Runs >> Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Equifax, Inc. (EFX): Free Stock Analysis Report Interpublic Group of Companies, Inc. The (IPG): Free Stock Analysis Report Envestnet, Inc (ENV): Free Stock Analysis Report IQVIA Holdings Inc. (IQV): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research