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NEW YORK - Perella Weinberg Partners (NASDAQ:PWP) reported first quarter earnings and revenue that exceeded analyst expectations on Friday.
The company’s stock jumped 6.67% in premarket trading following the release.
The company posted adjusted earnings per share of $0.28, beating the consensus estimate of $0.21. Revenue came in at $212 million, topping expectations of $199.01 million and representing a 107% increase from $102.1 million in the same quarter last year.
"Our first quarter revenues represented our highest Q1 on record and demonstrate the strength of our brand across industries and geographies," said CEO Andrew Bednar.
The strong results were driven by larger transactions and related fee events compared to the prior year period. Revenues were higher across product lines, sectors, and geographies.
Adjusted total compensation and benefits increased to $141.9 million from $86.1 million a year ago, due to a larger bonus accrual associated with higher revenues. This was partially offset by a lower compensation margin.
The company ended the quarter with $111.2 million in cash and no outstanding debt. During Q1, Perella Weinberg returned $121.3 million to equity holders through share repurchases, unit exchanges, and dividends.
Looking ahead, the Board of Directors declared a quarterly dividend of $0.07 per share of Class A common stock, payable on May 30 to shareholders of record as of May 14.
With its strong balance sheet and record Q1 performance, Perella Weinberg appears well-positioned to capitalize on strategic advisory opportunities amid the current market volatility.
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