First-quarter net income climbed from $711,000 a year earlier, the New York-based firm said today in a statement. Adjusted earnings excluding some items were 37 cents a share.
Chief Executive Officer Ken Moelis, 55, a Wall Street veteran who founded the firm in 2007, took the company public amid an increase in mergers and acquisitions. The value of announced takeovers in 2014 hit $1 trillion April 28, reaching that level at the fastest pace in seven years after more than $300 billion in deals were announced last month.
“These results demonstrate the growing demand for unconflicted advisory services and the power of delivering globally integrated advice to clients,” the CEO said in the statement.
Total revenue increased 91 percent to $114.5 million from a year earlier, according to the statement. Moelis said it earned revenue from 110 clients in the quarter, up from 97 in the same period last year. Expenses climbed 49 percent to $90.6 million, fueled by a 62 percent jump in compensation and benefits to $70.4 million.
Moelis gained 6.9 percent since its April 15 IPO to $26.73 at 4:03 p.m. in New York.
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