Evercore Q3 revenue beats estimates on advisory fees
EVR•Evercore's third-quarter revenue rose 12% year over year to $1.17 billion, above the $950.37 million consensus estimate, while adjusted EPS of $4.28 beat estimates of $2.80. The company cited increased advisory and underwriting fees from large transactions.
1. Revenue and earnings
Evercore reported third-quarter revenue of $1.17 billion, up 12% year over year and above analysts' $950.37 million estimate. Adjusted EPS was $4.28, compared with the $2.80 consensus estimate; reported EPS was $3.93.
2. Fees and trading
The company attributed higher advisory fees to increased revenue from large transactions and more advisory fees earned. Underwriting fees rose because of larger average fee sizes, while trading commissions fell as trading volume decreased. Evercore did not provide specific financial guidance for current or future periods.
