Evercore Partners Earnings: Profit and Revenue Explode Higher

Evercore Partners Inc. (NYSE:EVR) reported its results for the second 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 Inc. Earnings Cheat Sheet

Results: Net income for Evercore Partners Inc. rose to $7.9 million (25 cents per share) vs. $2.3 million (8 cents per share) in the same quarter a year earlier. This is a more than threefold rise from the year-earlier quarter.

Revenue: Rose 19.2% to $176.1 million from the year-earlier quarter.

Actual vs. Wall St. Expectations: Evercore Partners Inc. fell short of the mean analyst estimate of 48 cents per share. It beat the average revenue estimate of $163.2 million.

Quoting Management: “We are generally pleased with our results, reporting record revenues for both the second quarter and the first half of 2012, and record net income for the quarter,” said Ralph Schlosstein, President and Chief Executive Officer. “Our Advisory business delivered particularly strong results, earning fees in excess of $1 million dollars from 30 transactions, also a record. In addition, each of our early stage Investment Banking businesses contributed positively to Operating Income in the quarter. Our international Investment Banking efforts continued to strengthen, as 32% of our revenues were generated serving clients outside of the United States in the first half of the year. Our independent, advice based, operating model continues to perform extremely well despite the challenging market environment, as we build market share, add talent and deliver value to our clients. And, our significant share repurchase volumes during the quarter demonstrate our commitment to providing strong returns to shareholders.”

Key Stats:

For two quarters in a row, the company has come in under analyst estimates. In the first quarter, it missed expectations by 23 cents with net income of 10 cents versus a mean estimate of net income of 33 cents per share.

Revenue rose last quarter after seeing a drop the quarter before. Revenue fell 6% to $106.6 million in the first quarter from the year earlier.

Looking Forward: For the next quarter, analysts are growing pessimistic about the company’s expected results. The average estimate for the third quarter is 38 cents per share, dropping from 52 cents a month ago. At $1.41 per share, the average estimate for the fiscal year has fallen from $1.83 ninety days ago.

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

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