Microvast Holdings announces departure of chief financial officer
NEW YORK - Moelis & Company (NYSE:MC), a global independent investment bank, reported a substantial increase in its financial results for the fourth quarter and full year ended December 31, 2024. The firm announced fourth-quarter revenues of $438.7 million, marking a significant 104% rise from the same period in the previous year. For the full year 2024, GAAP revenues reached $1,194.5 million, with Adjusted revenues slightly higher at $1,201.5 million, representing a 40% increase from the prior year.
The firm’s GAAP net income for the fourth quarter stood at $1.15 per diluted share, while the full-year GAAP net income was $1.78 per diluted share. Adjusted net income for the fourth quarter was reported at $1.18 per diluted share, and $1.82 per diluted share for the full year. InvestingPro analysis reveals that six analysts have revised their earnings upward for the upcoming period, suggesting continued positive momentum. The company maintains an impressive gross profit margin of 91%.
Moelis & Company’s Adjusted pre-tax margin for the fourth quarter was 31.4%, with the full-year 2024 Adjusted pre-tax margin at 16.4%. The firm’s growth strategy continued to bear fruit as it promoted 19 advisory professionals to Managing Director and hired a new Global Head of Private Funds Advisory in early 2025.
The company’s balance sheet remains robust, boasting cash and short-term investments of $560.4 million with no outstanding debt or goodwill. In line with its financial health, Moelis & Company increased its regular quarterly dividend by 8% to $0.65 per share.
Ken Moelis, Chairman and Chief Executive Officer, expressed confidence in the firm’s momentum and its positioning for continued delivery of value to clients and shareholders. The firm’s financial results can vary materially due to the nature and timing of completed transactions among other factors, indicating that quarterly results may not be fully indicative of future performance.
This report is based on a press release statement and includes GAAP and Adjusted financial measures to provide a comprehensive understanding of the company’s performance. Adjusted results are non-GAAP financial measures that offer additional insight into management’s view of operating results. These measures are not a substitute for GAAP results and may differ from non-GAAP financial measures used by other companies.
In other recent news, Moelis & Company announced the retirement of board member John Allison, marking the end of his decade-long tenure. The company made this disclosure through an 8-K filing with the U.S. Securities and Exchange Commission, noting Allison’s immediate departure. During his time on the board, Allison was recognized for his significant contributions and commitment to the firm, particularly his deep philosophical commitment to ethics and free market capitalism.
The company has not yet indicated a successor or detailed any changes to the board’s composition following Allison’s exit. This development is part of the regular disclosures companies make regarding changes in their executive teams and board compositions, which are often monitored by investors for insights into potential shifts in company strategy or governance. Despite the change, the filing did not suggest any immediate strategic changes resulting from Allison’s retirement. These are the recent developments concerning Moelis & Company.
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