Evercore Partners Earnings: Here’s Why Shares are Popping Now

Evercore Partners Inc. (NYSE:EVR) delivered a profit and beat Wall Street’s expectations, AND beat the revenue expectation. The revenue beat is a positive sign to shareholders seeking high growth out of the company. Shares are up 2%.

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Evercore Partners Inc. Earnings Cheat Sheet

Results: Net income increased to $35.3 million (81 cents per diluted share) in the quarter versus a net loss of $660,000 in the year-earlier quarter.

Revenue: Rose 86.54% to $214 million from the year-earlier quarter.

Actual vs. Wall St. Expectations: Evercore Partners Inc. reported adjusted net income of 81 cents per share. By that measure, the company beat the mean analyst estimate of $0.52. It beat the average revenue estimate of $153.36 million.

Quoting Management: “2012 ended the year on a strong note, both for Evercore and the M&A markets broadly. Evercore’s Investment Banking Net Revenues and Operating Income each grew more than 30%, delivering a full year Operating Margin of 23%. We delivered these results in a year when announced transactions on a global basis were essentially flat and completed transactions were down 15%,” said Roger Altman, Executive Chairman. “Once again, we advised on a disproportionate share of the largest transactions. More specifically, we advised on one of the three largest transactions in the United States in each of the oil and gas, consumer, banking, biotech, and publishing sectors, and the largest financial services transaction in Canada. Historically, Evercore has been very strong in the large cap multinational sector, and this is obviously continuing.”

Key Stats:

Revenue increased 35.91% from $157.46 million in the previous quarter. Net income increased 566.04% from $5.3 million in the previous quarter.

Looking Forward: Analysts have a more positive outlook for the company’s next-quarter performance. Over the past three months, the average estimate for next quarter’s earnings has risen from a profit of $0.36 to a profit $0.44. For the current year, the average estimate has moved up from a profit of $1.41 to a profit of $1.48 over the last ninety days.

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(Company fundamentals provided by Xignite Financials.)