Greenhill & Co. (GHL:US), the advisory firm founded by Robert Greenhill, said second-quarter profit rose seven-fold as advisory revenue almost doubled.
Net income climbed to $15.5 million, or 52 cents a share, from $2.2 million, or 7 cents, a year earlier, the New York-based firm said today in a statement. The average estimate (GHL:US) of seven analysts surveyed by Bloomberg was for earnings of 53 cents a share.
Greenhill Chief Executive Officer Scott Bok, 54, said last month in a Bloomberg Television interview that companies’ desire to expand geographically and add new products will drive mergers and acquisitions. Global announced deal volume climbed 6.1 percent in the second quarter from the first period of this year, according to data compiled by Bloomberg.
“We particularly benefited in the first half from a larger number of lead roles on major transactions, resulting in more large fees compared to last year,” Greenhill said in today’s statement.
Greenhill rose 0.3 percent to close at $46.21 in New York. The shares have slid 11 percent this year, compared with the 23 percent advance of the Russell 2000 Index. (RTY)
To contact the reporter on this story: Zeke Faux in New York at email@example.com; Laura Marcinek in New York at firstname.lastname@example.org.
To contact the editor responsible for this story: Christine Harper at email@example.com; David Scheer at firstname.lastname@example.org