Evercore Partners (EVR) Tops Q2 EPS by 22c, Beats on Revenues

Evercore Partners (NYSE: EVR) reported Q2 EPS of $1.06, $0.22 better than the analyst estimate of $0.84. Revenue for the quarter came in at $372.7 million versus the consensus estimate of $333.88 million.

Highlights

Second Quarter Financial Summary

• Record Second Quarter U.S. GAAP Net Revenues of $370.5 million, up 6% compared to Q2 2016
• U.S. GAAP Net Income Attributable to Evercore Partners Inc. of $18.2 million, down 25% compared to Q2 2016, or $0.41 per share, down 25% compared to Q2 2016
• Record Second Quarter Adjusted Net Revenues of $372.7 million, up 7% compared to Q2 2016
• Adjusted Net Income Attributable to Evercore Partners Inc. of $53.8 million or $1.06 per share, up 2% compared to $1.04 in Q2 2016
• Year-to-Date Financial Summary
• Record U.S. GAAP Net Revenues of $757.7 million, up 25% compared to the same period in 2016
• Record U.S. GAAP Net Income Attributable to Evercore Partners Inc. of $99.0 million, up 237% compared to the same period in 2016, or $2.18 per share, up 230% compared to the same period in 2016
• Record Adjusted Net Revenues of $757.4 million, up 25% compared to the same period in 2016
• Record Adjusted Net Income Attributable to Evercore Partners Inc. of $137.4 million, up 59% compared to the same period in 2016, or $2.68 per share, up 60% compared to the same period in 2016
• Investment Banking
• Advising clients on significant transactions globally:
• Whole Foods Market on its ~$14 billion sale to Amazon
• Straight Path Communications Inc. on its $3.1 billion sale to Verizon Communications Inc.
• Coach Inc. on its $2.4 billion acquisition of Kate Spade & Company
• Sequa Corporation on its comprehensive restructuring and recapitalization
• Institutional investors advised by JP Morgan Asset Management on the acquisition of Beacon Rail Leasing
• Consolidated Container Company on its ~$1.2 billion sale to Loews Corporation
• Investment Management
• Announced the sale of the Institutional Trust and Independent Fiduciary business of Evercore Trust Company
• Paul Stefanick to join our Advisory business in New York as a senior leader focused on advising large multinational clients; Tannon Krumpelman joins the Advisory team in New York focused on advising clients in the financial services sector; Josh Schimmer joins Evercore ISI in Los Angeles launching small and mid-cap Biotech coverage
• Returned $264.9 million of capital to shareholders for the first six months through dividends and repurchases, including repurchases of 3.1 million shares/units at an average price of $74.76, 2.0 million of which were purchased at an average price of $72.99 in Q2 2017. Quarterly dividend of $0.34 per share

For earnings history and earnings-related data on Evercore Partners (EVR) click here.

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