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NEW YORK - On Wednesday, Investment banking advisory firm Evercore Inc. (NYSE:EVR) reported fourth quarter earnings that exceeded analyst expectations, driven by strong advisory fees and underwriting revenue.
However, the stock edged slightly lower in after-hours trading.
Evercore reported adjusted earnings per share of $3.41 for Q4, beating the analyst consensus estimate of $3.04. Revenue came in at $975.3 million, also topping expectations of $906.7 million.
Advisory fees, which make up the bulk of Evercore’s business, jumped 29% year-over-year to $849.6 million in Q4. Underwriting fees rose 38% to $26.4 million.
"We are pleased with our performance in 2024, as we continue to intensively cover our clients and broaden our coverage," said John S. Weinberg, Chairman and CEO. "We begin 2025 with strong momentum and we expect the market to continue to gradually improve throughout the year."
For the full year 2024, Evercore reported revenue of $3.0 billion, up 23% from 2023. The company said this represented its second best year ever by revenue.
The company declared a quarterly dividend of $0.80 per share, payable on March 14 to shareholders of record as of February 28.
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