Evercore Beats Estimates After Record Full-Year EarningsSarah Jacob
Evercore Partners Inc., the advisory firm founded by former Deputy U.S. Treasury Secretary Roger C. Altman, posted profit that beat analysts’ estimates as full-year earnings climbed to a record.
Net income from continuing operations for 2013 rose 89 percent to $74.8 million, or $1.42 a share, the New York-based company said today in a statement. Fourth quarter per-share profit excluding one-time items was 71 cents, surpassing the 67-cent average estimate of eight analysts surveyed by Bloomberg.
“We had a record year in our advisory business, and our early-stage businesses were profitable for the quarter and the full year,” Chief Executive Officer Ralph Schlosstein, 62, said in the statement. “The institutional-equities business continued to grow market share, and the wealth-management business increased assets under management to $4.9 billion.”
Evercore surged as much as 3.6 percent in New York before paring the gain to 0.4 percent at 10:42 a.m.
Fourth-quarter net income fell to $16.9 million, or 42 cents a share, from $19 million, or 56 cents, a year earlier.
Investment-banking revenue for the year rose 17 percent to $666.8 million from 2012.
Evercore boosted investment-banking operating income by more than 20 percent for a third consecutive year in what was generally a “flat” advisory market overall, Altman, 67, said in the statement. He said in a conference call that Evercore remains a relatively U.S.-centric business and the U.S. market had performed better than the rest of the world.
Greenhill & Co., the advisory firm founded by Morgan Stanley President Robert F. Greenhill, fell as much as 7.2 percent in New York, the biggest intraday decline since April. The New York-based company said yesterday that advisory revenue decreased 25 percent to $75.4 million in the fourth quarter from a year earlier. Full-year advisory revenue fell 1.5 percent to $287 million.