Evercore Profit Misses Estimates Amid ‘Murky’ Environment
Evercore Partners Inc. (EVR), the advisory firm started by former U.S. Deputy Treasury Secretary Roger Altman, posted a first-quarter profit that missed analyst estimates as the pace of global deal-making slowed.
Net income was $6 million, or 16 cents per share, compared with a loss of $3.4 million, or 12 cents, in the year-earlier period, New York-based Evercore said in a statement today. Adjusted earnings, which exclude some items, were $16.8 million, or 37 cents a share, missing the 45-cent average estimate of five analysts surveyed by Bloomberg.
Global announced deal volume declined 1.6 percent to $475 billion in the first quarter from a year earlier, according to data compiled by Bloomberg. That followed a full year in which merger-and-acquisition dollar volume fell for the first time since 2009, the data show. Evercore Chief Executive Officer Ralph Schlosstein, 62, has said he’s seeing an improvement in conditions that could lead to a pickup in M&A activity.
“Evercore continues to grow in 2013, despite a murky market environment, and our backlog remains strong” Altman said today in the statement.
The stock climbed 1.7 percent to close yesterday at $36.87 in New York. The shares have gained 22 percent this year, twice the 11 percent advance of the 478-company Russell 2000 Financial Services Index. (RGUSFS)
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