Broadcom named strategic vendor for Walmart virtualization solutions
NEW YORK - Piper Sandler Companies (NYSE:PIPR) reported first quarter 2025 results that significantly exceeded analyst expectations on Friday.
The company’s shares soared 16.97% in premarket trading following the release.
The investment bank posted adjusted earnings per share of $4.09, handily beating the consensus estimate of $2.77. Revenue came in at $383.3 million, also topping expectations of $367 million.
"We are pleased to report a strong start to 2025, led by advisory services which achieved record first quarter revenues," said Chad Abraham, chairman and chief executive officer.
Advisory services revenue jumped 38% year-over-year to $216.8 million, accounting for about 60% of total net revenues. The company cited strong contributions from its financial services, healthcare, and chemicals groups.
Institutional brokerage revenue rose 9% to $99.3 million compared to Q1 2024, driven by increased client activity.
Piper Sandler’s adjusted operating margin expanded to 17.9% from 16.8% in the year-ago quarter, reflecting the higher revenue and improved operating leverage.
The company declared a quarterly dividend of $0.65 per share, payable on June 13 to shareholders of record as of May 30.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.