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Evercore sinks 7.7% after Q3 advisory fees disappoint

Oct. 23, 2019 10:49 AM ETEvercore Inc. (EVR) StockBy: Liz Kiesche, SA News Editor
  • Evercore (NYSE:EVR) slumps 7.7% after Q3 misses on both adjusted EPS and revenue.
  • Wolfe Research analyst Steven Chubak points out that Q3 advisory fees of $321M came in "well below" his $385M forecast.
  • While Evercore Chairman Roger C. Altman notes backlog remains "strong" and the company continues to gain market share, he also notes "a certain softening in global transaction volumes."
  • Q3 adjusted EPS of $1.26 fell short of the $1.63 consensus estimate; increased from $1.23 in the year-ago quarter.
  • Q3 adjusted net revenue of $408.5M trails the consensus estimate of $475.9M and increased 6% Y/Y.
  • Q3 adjusted operating margin of 20.8% narrowed by 180 basis points from the year-ago quarter.
  • Q3 adjusted compensation ratio of 58.0% (below Wolfe's forecast of 58.9%) vs. 57.5% in Q3 2018.
  • On the bright side, Wolfe's Chubak notes that trading commissions of $46.8M beat his estimate of $44.2M.
  • Previously: Evercore EPS misses by $0.37, misses on revenue (Oct. 23)

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