Evercore reported higher quarterly revenue and profit on October 28 as advisory and underwriting fees increased, according to its company results release distributed through Business Wire.
Net revenue under standard accounting rules reached $1.169 billion for the quarter ended September 30, compared with $1.039 billion a year earlier.
Net income attributable to Evercore rose to $160.8 million from $144.6 million. Diluted earnings increased to $3.93 per share from $3.41. Operating income reached $242.6 million, compared with $216.2 million, while the operating margin remained 20.8%.
Advisory fees increased 14% to $1.011 billion. Underwriting fees rose 27% to $55.6 million, while commissions and related revenue declined 4% to $60.5 million.
Evercore's adjusted earnings were $4.28 per share, compared with $3.48. Adjusted figures exclude specified expenses and reflect additional share assumptions; they supplement standard accounting measures.
The company also disclosed an 89-cent quarterly dividend declared by its board on October 27, payable December 11 to shareholders of record November 27.
Evercore said transaction-fee timing can cause significant quarterly fluctuations, limiting what one quarter indicates about future results.
Sources: Evercore third-quarter results release, reproduced by StockTitan.