Evercore beats Q2 revenue, adjusted EPS estimates
Evercore beats Q2 revenue, adjusted EPS estimates
Overview
Investment banking advisory firm's Q2 net revenue rose 19% yr/yr, beating analyst expectations
Adjusted EPS for Q2 beat consensus estimates
Company declared quarterly dividend of $0.89 per share
Outlook
Company did not provide specific guidance for the current quarter or full year
Result Drivers
ADVISORY AND UNDERWRITING GROWTH - Higher advisory and underwriting fees driven by more large transactions and increased participation in deals
RECORD BUSINESS SEGMENTS - Record Q2 revenues in North America Strategic Advisory, Private Funds Group, Equities, Underwriting, and Wealth Management businesses
HIGHER OPERATING COSTS - Increased compensation and non-compensation expenses due to higher incentive accruals, salaries, travel, professional fees, and technology costs
Company press release: ID:nBwC0mV1a
Key Details
Metric | Beat/Miss | Actual | Consensus Estimate |
Q2 Net Revenue U.S. GAAP | Beat | $990.2 mln | $925.60 mln (7 Analysts) |
Q2 Adjusted EPS | Beat | $2.91 | $2.77 (9 Analysts) |
Q2 EPS |
| $2.32 |
|
Q2 Adjusted Operating Margin |
| 19.00% |
|
Q2 Dividend |
| $0.89 |
|
Q2 EBIT |
| $146.60 mln |
|
Q2 Operating Margin |
| 14.80% |
|
Analyst Coverage
The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 7 "strong buy" or "buy", 4 "hold" and no "sell" or "strong sell"
The average consensus recommendation for the investment banking & brokerage services peer group is "buy"
Wall Street's median 12-month price target for Evercore Inc is $390.00, about 14.5% above its July 28 closing price of $340.50
The stock recently traded at 16 times the next 12-month earnings vs. a P/E of 16 three months ago
Reuters Recommended Reads
July 28 - Invesco Q2 adjusted EPS beats analyst estimates on record inflows
July 28 - AllianceBernstein Q2 adjusted EPS misses estimates on equity outflows
July 29 - Nomura's first-quarter profit jumps 39%, boosted by markets
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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)