PJT Partners (PJT) Tops Q4 EPS by 11c, Revenues Beat

PJT Partners (NYSE: PJT) reported Q4 EPS of $1.02, $0.11 better than the analyst estimate of $0.91. Revenue for the quarter came in at $248.7 million versus the consensus estimate of $227.68 million.

• Total Revenues of $717.6 million for full year 2019, up 24% from a year ago
  • Advisory Revenues of $571.8 million, up 27%
  • Placement Revenues of $133.2 million, up 20%
• Total Revenues of $248.7 million for fourth quarter 2019, up 42% from a year ago
  • Advisory Revenues of $188.2 million, up 42%
  • Placement Revenues of $55.6 million, up 44%
• Full year 2019 GAAP Pretax Income of $82.2 million and Adjusted Pretax Income of $132.3 million
• Full year GAAP Diluted EPS of $1.21 and Adjusted EPS of $2.41; fourth quarter GAAP Diluted EPS of $0.69 and Adjusted EPS of $1.02
• Strong balance sheet at year end with $217.5 million of cash, cash equivalents and short-term investments
• Repurchased approximately 1.9 million share equivalents in 2019 through share repurchases, net share settlements and Partnership Unit exchanges
  • Intend to repurchase approximately 227 thousand Partnership Units for cash in February 2020

Paul J. Taubman, Chairman and Chief Executive Officer, said, “We are pleased to report record 2019 results, reflecting consistent progress across all of our businesses. Our fourth quarter financial performance was the strongest in the company’s history and we begin 2020 with continued optimism about our firm’s prospects. In just over four years of operations, we have built a global advisory focused investment bank that is increasingly recognized as a thought leader and trusted advisor to companies and decision makers around the globe.”

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

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