Evercore Partners Inc. Earnings Cheat Sheet: Revenue Up, Profit Up

Evercore Partners Inc. (NASDAQ:EVR) reported higher profit for the second quarter as revenue showed growth. 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 Second Quarter

Results: Net income for Evercore Partners Inc. rose to $2.3 million (8 cents per share) vs. $117,000 (0 cents per share) in the same quarter a year earlier. This marks a substantial increase from the year earlier quarter.

Revenue: Rose more than twofold to $142 million from the year earlier quarter.

Actual vs. Wall St. Expectations: EVR reported adjusted net income of 43 cents per share. By that measure, the company fell short of mean estimate of 44 cents per share. It beat the average revenue estimate of $135.6 million.

Quoting Management: “The M&A environment continues to improve, both in the U.S. and abroad and Evercore continues to differentiate itself, gaining market share and growing revenues,” said Roger Altman, Executive Chairman. “Our business model remains simple and sound: recruit and promote high quality bankers with deep knowledge of and relationships with the clients they serve and maintain a collegial environment where people work well together. This simple focus enables us to recruit many of the most talented bankers in the business, including Anthony Magro, who has started, and Shaun Finnie, who starts later this year, as Senior Managing Directors, and to advise on significant strategic transactions including among others, Exelon’s proposed acquisition of Constellation Energy Group, Southern Union’s announced sale and International Paper’s announced acquisition of Temple-Inland.”

Key Stats:

The company fell short of forecasts after beating estimates in the previous two quarters. In the first quarter, it topped the mark by 3 cents, and in the fourth quarter of the last fiscal year, it was ahead by 2 cents.

The company’s revenue has now risen for two straight quarters. In the first quarter, revenue increased 21.3% to $113.3 million from the year earlier quarter.

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).

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(Source: Xignite Financials)