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NEW YORK (AP) — Evercore Partners Inc. on Wednesday posted fourth-quarter earnings that topped Wall Street's expectations as the firm's investment banking advisory business recorded a sharp increase in revenue.
The New York-based company reported net income attributable to common shareholders of $19 million, or 56 cents per share. That compared with a loss of $677,000, or 2 cents per share, in the year-ago period.
Excluding one-time items, Evercore reported adjusted earnings of $35.3 million, or 81 cents per share, in the latest quarter. That easily topped the consensus forecast of analysts surveyed by FactSet, who expected 52 cents per share, on average.
Revenue jumped 90 percent to $214 million. Analysts expected revenue of $158.3 million.
The company's largest segment, investment banking, drove the strong overall performance in the latest quarter. Revenue in that segment more than doubled to $195.5 million as the company provided advice on major M&A deals, and earned advisory fees from 169 clients compared with 127 in the same quarter a year ago.
Revenue from Evercore's investment management segment declined, slipping 7 percent to $19.6 million. That business comprises wealth management, institutional asset management and private equity investing.
Evercore's board authorized a quarterly dividend of 22 cents per share, to be paid on March 8 to shareholders of record as of Feb. 22.