Crispr Therapeutics shares tumble after significant earnings miss
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.
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