Evercore Q3 Earnings Fall, But Beat Estimates

(RTTNews) - Evercore Inc. (EVR), an investment banking advisory, on Wednesday reported lower earnings on decreased revenues for the third quarter. However, earnings beat analysts' estimates. Quarterly net income decreased to $52.1 million or $1.30 per share from $82.4 million or $2.03 per share for the same period last year. Excluding items, earnings fell to $55.5 million or $1.30 per share from $95.2 million or $2.20 per share of the previous year.

On average, six analysts polled by Thomson Reuters expected earnings of $1.19 per share for the year. Analysts' estimates typically exclude special items.

Net revenues, declined to $570.2 million from $576.9 million in the prior year.

Adjusted net revenues were $576.1 million compared to $583.2 million over a year ago. The Street estimate for revenue was $550.51 million.

Additionally, the company declared a quarterly dividend of $0.76 per share payable on December 8, to shareholders of record on November 24.

On Tuesday, Evercore shares closed at $131 up 0.08% on the New York Stock Exchange.