Evercore Inc (EVR, Financial) released its earnings report for the third quarter ended September 30, 2023, on October 25, 2023. The company reported a slight decrease in net revenues and net income compared to the same period in 2022. Despite the challenges, the company continued to show resilience in its Private Capital (Trades, Portfolio) Advisory and Fundraising business.
Financial Performance
Evercore Inc (EVR, Financial) reported Q3 2023 net revenues of $570.2 million, a slight decrease from Q3 2022's $576.9 million. The operating income for Q3 2023 was $76.8 million, down from $130.4 million in Q3 2022. The net income attributable to Evercore Inc (EVR) for Q3 2023 was $52.1 million, down from $82.4 million in Q3 2022. The diluted earnings per share for Q3 2023 were $1.30, down from $2.03 in Q3 2022.
Business Highlights
Despite the decrease in net revenues and net income, Evercore Inc (EVR, Financial) continued to participate in several notable underwriting transactions, including active bookrunner on the second largest biotech IPO year-to-date, RayzeBio's upsized $358 million offering. The company's Private Capital (Trades, Portfolio) Advisory and Fundraising business showed resilience as continuation fund activity continues to strengthen. Evercore ISI achieved Institutional Investors All-America Equity Research #1 rank on a weighted basis for the second year in a row.
Capital Return
Evercore Inc (EVR, Financial) declared a quarterly dividend of $0.76 per share. The company returned $490.4 million to shareholders during the first nine months of 2023 through dividends and repurchases of 3.0 million shares at an average price of $128.97.
Leadership Commentary
John S. Weinberg, Chairman and Chief Executive Officer, commented,
We are encouraged by some of the positive leading indicators we see both internally and in the market. And while the normalization of market activity will continue to take time, we remain focused on serving our clients and building for the long term."
Roger C. Altman, Founder and Senior Chairman, added,
Evercore just completed the largest, external hiring surge, at the SMD level, in the Firm’s history. And, this came on top of aggressive hiring in each recent year, which means that our productive capacity is at an all-time high."
Despite the challenges faced in Q3 2023, Evercore Inc (EVR, Financial) remains committed to delivering value to its shareholders and clients.
