Evercore Partners Inc. Earnings Cheat Sheet: Beats Estimates

Evercore Partners Inc. (NYSE:EVR) saw GAAP net income fall in the third quarter. Evercore Partners is an independent investment banking advisory firm that provides advisory services to prominent multinational corporations on significant mergers, acquisitions, divestitures, restructurings, financings, and other strategic corporate transactions.

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Evercore Partners Earnings Cheat Sheet for the Third Quarter

Results: GAAP Net income for the asset management company fell to $1.8 million (6 cents per share) vs. $3.5 million (17 cents per share) a year earlier. This is a decline of 50.2% from the year earlier quarter.

Revenue: Rose to $163.9 million from the year earlier quarter.

Actual vs. Wall St. Expectations: EVR reported adjusted net income of 46 cents per share. By that measure, the company beat the mean estimate of 36 cents per share. It beat the average revenue estimate of $128.7 million.

Quoting Management: “Our third quarter clearly demonstrates the potential of the Evercore franchise. We delivered record quarterly revenues and earnings for the second consecutive quarter, while continuing to invest in our core business. We closed on our acquisition of Lexicon Partners on August 19 and have substantially completed the operational integration of that business. While the market environment is clearly challenging, our team continues to work actively with clients to find the opportunities that these markets inevitably create,” said Ralph Schlosstein, President and Chief Executive Officer. “Operationally we remain focused on our core priorities: serving our clients with excellence and integrity, adding exceptional talent to our team, and making continued progress improving the financial performance of our early stage businesses.”

Key Stats:

The company topped expectations last quarter after falling short of forecasts in the second quarter with net income of 43 cents versus a mean estimate of net income of 44 cents per share.

Looking Forward: Over the past ninety days, the average estimate for the fourth quarter has fallen from 53 cents per share to 44 cents, indicating that analysts are growing pessisimistic about the company’s performance next quarter. The average estimate for the fiscal year is $1.50 per share, down from $1.70 ninety days ago.

Competitors to Watch: Greenhill & Co., Inc. (NYSE:GHL), Lazard Ltd (NYSE:LAZ), FBR Capital Markets Corp. (NASDAQ:FBCM), KBW, Inc. (NYSE:KBW), Piper Jaffray Companies (NYSE:PJC), Jefferies Group, Inc. (NYSE:JEF), Cowen Group, Inc. (NASDAQ:COWN), Gleacher & Company, Inc. (NASDAQ:GLCH), BlackRock (NYSE:BLK), Goldman Sachs (NYSE:GS), Morgan Stanley (NYSE:MS), Citigroup (NYSE:C), Bank of America (NYSE:BAC), JP Morgan (NYSE:JPM) and Credit Suisse Group AG (NYSE:CS).

Investing Insights: Here’s Why Chipotle’s Stock Keeps Winning.

(Source: Xignite Financials)