Moelis & Company (MC) Tops Q2 EPS by 22c, Revenues Beat

Moelis & Company (NYSE: MC) reported Q2 EPS of $0.78, $0.22 better than the analyst estimate of $0.56. Revenue for the quarter came in at $220.4 million versus the consensus estimate of $187.14 million.

Record Second Quarter and First Half Revenues

• Second quarter revenues of $220.4 million, up 28% from the second quarter of 2017; first half revenues of $439.8 million, up 27% from the same period of 2017
• GAAP net income of $0.72 per share (diluted) for the second quarter and $1.47 per share (diluted) for the first half of 2018; Adjusted net income of $0.78 per share (diluted) and $1.62 per share (diluted) for the second quarter and first half of 2018, respectively
• Continued to execute on organic growth strategy
  • Added nine Managing Directors year to date through internal development and key external hires; hiring pipeline remains robust
• Appointed Elizabeth Crain, Chief Operating Officer and Founding Partner, to our Board of Directors
• Declared $1.97 per share in dividends, comprised of a $1.50 per share special dividend in addition to the $0.47 per share regular quarterly dividend
• Strong balance sheet with cash and short term investments of $191.2 million and no debt or goodwill

“Our record second quarter revenues reflect the strength of our franchise as we continued to capitalize on a robust environment for M&A and experienced growth across our additional strategic advisory offerings. We expect to maintain our momentum as we continue to develop the world’s leading bankers and integrate them into a cohesive global network that delivers exceptional client service around the world,” said Ken Moelis, Chairman and Chief Executive Officer.

“Our capital-light business model and focus on organic growth creates substantial shareholder value, as evidenced by today’s announcement of a $1.50 per share special dividend in addition to our regular quarterly dividend of $0.47 per share. Including today’s announcement, we will have returned over $10 per share in dividends over the last three years.”

For earnings history and earnings-related data on Moelis & Company (MC) click here.

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