Greenhill Plunges After Profit Misses Estimates: New York MoverLaura Marcinek
Greenhill & Co., the New York-based advisory firm founded by Robert Greenhill, fell the most in 20 months after reporting first-quarter profit that missed analysts’ estimates.
Greenhill plunged 9.1 percent to $46.43 at 11:13 a.m. in New York, the most intraday since August 2011. Quarterly profit slid 16 percent to $13.6 million, or 45 cents a share, from $16.1 million, or 53 cents, a year earlier, the firm said yesterday in a statement, missing the 67-cent average estimate of seven analysts surveyed by Bloomberg.
Total revenue declined 3.7 percent to $79.6 million from a year earlier, missing the $98.3 million average estimate. The drop was driven by investment losses of $1.86 million, compared with gains of $9.44 million a year earlier. Revenue from advising clients rose 11 percent to $81.4 million.
The company set aside $42.2 million, or 53 percent of revenue, for compensation expense in the first quarter, compared with $41.2 million, or 50 percent, a year earlier.