Published on 29 Oct 2021 on Zacks via Yahoo Finance
Evercore (EVR) Q3 Earnings Beat Mark, Stock Declines 6.6%
Evercore EVR reported third-quarter 2021 adjusted earnings per share of $3.96, which surpassed the Zacks Consensus Estimate of $3.32. Also, the bottom line came ahead of the prior-year quarter’s $1.11 per share.
Impressive revenue growth with support from higher advisory fees backed the company. Also, rise in assets under management (AUM) was a tailwind. In addition, Evercore’s liquidity position was consistently strong through the quarter. However, escalating expenses were a major drag. Hence, following the results, shares of the company declined 6.58%.
On a GAAP basis, net income available to common shareholders was $159.5 million or $3.74 per share compared with the $42.6 million or $1.01 reported in the year-ago quarter.