Evercore Partners Inc. Earnings: Consecutive Profit Quarter Streak Stays Intact

Evercore Partners Inc. (NYSE:EVR) reported net income above Wall Street’s expectations for the fourth 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 Fourth Quarter

Results: Pro forma adjusted net income for Evercore Partners Inc. rose to $14.1 million (32 cents per share) vs. $10.9 million (27 cents per share) in the same quarter a year earlier. This is a 29% increase from the year earlier quarter.

Actual vs. Wall St. Expectations: Evercore Partners Inc. reported adjusted pro forma net income of 32 cents per share. By that measure, the company beat the mean estimate of 28 cents per share. It fell short of the average revenue estimate of $130.4 million.

Quoting Management: “2011 was a year of milestones for Evercore. Through strong teamwork among our professionals, we served a record number of clients, reinforcing our strong culture of excellence and integrity,” said Ralph Schlosstein, President and Chief Executive Officer. “We delivered record results in each of our businesses with strong top line and bottom line growth. In Investment Banking, we consistently gained market share while maintaining high levels of productivity. We invested in the future growth of our business, significantly expanding our capacity to serve clients in Europe and in strategically important industries, including energy and technology.”

Key Stats:

The company has now beaten estimates the last two quarters. In the third quarter, it topped expectations with net income of 46 cents versus a mean estimate of net income of 34 cents per share.

Looking Forward: Analysts appear increasingly optimistic about the company’s results for the next quarter. The average estimate for the first quarter of the next fiscal year has moved up from 39 cents a share to 43 cents over the last ninety days. The average estimate for the fiscal year is now $1.45 per share, down from $1.56 sixty days ago.

(Company fundamentals provided by Xignite Financials. Earnings estimates provided by Zacks)

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To contact the reporter on this story: Derek Hoffman at staff.writers@wallstcheatsheet.com

To contact the editor responsible for this story: Damien Hoffman at editors@wallstcheatsheet.com