Net income slid to $1.8 million, or 6 cents a share, from $8.59 million, or 28 cents, a year earlier, the New York-based firm said today in a statement. The average estimate of eight analysts surveyed by Bloomberg was for earnings of 12 cents.
Chief Executive Officer Scott Bok, 54, said this month that an “anemic economic recovery” and regulations in industries including financial services have tempered merger-and-acquisition activity. While global deal volume rose in the third quarter, it was supported by a few so-called mega deals of more than $100 billion, according to data compiled by Bloomberg. Takeovers below $5 billion fell, the data show.
“Consistent with the view we have expressed all year, 2013 is turning out to be another relatively quiet one in terms of global transaction activity,” Bok said today in the statement.
Advisory revenue dropped 35 percent to $47 million from a year earlier even as those fees climbed 11 percent to $211.5 million in the first nine months of the year from the same period in 2012.
Greenhill rose 1.7 percent to $47.88 at 4 p.m. in New York. The shares have dropped 7.9 percent this year, compared with the 30 percent jump in the Russell 2000 Index of small companies.
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