Nuclia Waste

Main Menu

  • Home
  • Gross Margin
  • Forex Rates
  • Liquidity ratios
  • Waiver
  • Capital

Nuclia Waste

Header Banner

Nuclia Waste

  • Home
  • Gross Margin
  • Forex Rates
  • Liquidity ratios
  • Waiver
  • Capital
Liquidity ratios
Home›Liquidity ratios›Evercore (EVR) First Quarter Earnings Beat Estimates, Revenue Increases Year-over-Year

Evercore (EVR) First Quarter Earnings Beat Estimates, Revenue Increases Year-over-Year

By Ricky Bagby
April 28, 2022
4
0

Evercore EVR reported adjusted earnings per share of $3.8 for the first quarter of 2022, beating Zacks’ consensus estimate of $3.1. Additionally, net income was 15.5%, up from the prior year quarter level of $3.29 per share.

Impressive revenue growth, supported by higher advisory fees, contributed to results. In addition, an increase in assets under management (“AUM”) was a tailwind. In addition, Evercore’s liquidity position has always been strong. However, escalating spending has been a major drag.

On a GAAP basis, net income available to common shareholders was $158 million or $3.79 per share, compared to $144.4 million or $3.25 per share in the prior year quarter.

Revenues soar, expenses soar

Total revenue increased 9% year-over-year to a record $727.1 million in the quarter under review. Additionally, revenue exceeded the consensus estimate of $673.6 million. An increase in advisory fees, as well as asset management and administration fees, drove the increase. On an adjusted basis, net revenue was $728.3 million, up 8.7% year-over-year.

Total expenses increased 9.7% to $513.5 million from the year-ago quarter level. This decrease was partially offset by lower execution, clearing and custody fees.

The adjusted compensation ratio was 59%, stable compared to the prior year quarter.

Adjusted operating margin was 29.5%, down from 30.1% in the prior year quarter.

Quarterly sector performance (adjusted)

investment bank: Net revenue increased 8.7% year over year to $708.9 million. Operating profit rose 6.6% to $208.4 million. Underwriting fees of $36.3 million in the quarter fell 54% from the level in the prior year period.

Investment management: Net revenue was $19.4 million, up 8.4% from the prior year quarter. Operating profit was $6.5 million, up 3.3% from the year-ago quarter count. Assets under management of $11.6 billion were seen in the first quarter, up 9% from the level of the prior year quarter.

Balance sheet position

As of March 31, 2022, cash and cash equivalents were $454.8 million, and marketable securities and certificates of deposit were $1.1 billion. Current assets exceeded current liabilities by $1.4 billion on the same date.

Capital deployment activities

On April 26, 2022, Evercore announced a 6% increase in its quarterly cash dividend to 72 cents per share. The dividend will be paid on June 10 to its shareholders of record on May 27.

Earlier in February, the board of directors approved share buyback authorization up to the lesser of $1.4 billion or 10 million shares and/or LP units.

Additionally, Evercore returned $289.3 million worth of capital to its shareholders during the quarter through dividends and buybacks of two million shares at an average price of $128.14.

Our point of view

Evercore showed an impressive performance during the first quarter. The solidity of its turnover reflects the stability of its profits. That aside, EVR’s strategic moves to strengthen its investment banking segment bode well. While its growing spending is a concern, EVR is well positioned to undertake any opportunistic expansion given its strong liquidity position.

Evercore Inc Price, Consensus and EPS Surprise

Evercore Inc price-consensus-eps-surprise-chart | Quote from Evercore Inc.

Currently, Evercore has a Zacks rank of No. 3 (Hold). You can see the full list of today’s Zacks #1Rank (Strong Buy) stocks here.

Performance of other banks

UMB Financial UMBF reported net operating income per share of $2.17 in the first quarter of 2022, beating Zacks consensus estimate of $1.65. Net income also compares favorably to prior year quarter earnings of $1.91.

UMBF’s results were supported by higher revenues, driven by higher net interest income (“NII”) and commission income. A strong balance sheet position was another bright spot. Higher spending and deteriorating credit quality were headwinds. Capital ratios have declined.

Northern Trust Company NTRS posted a 6.63% profit for the first quarter of 2022. Earnings per share of $1.77 beat Zacks’ consensus estimate of $1.66. Net income improved 4% year-on-year.

Higher revenues, aided by an increase in commission income and NII, were a driving factor for the NTRS. Most credit indicators also showed significant improvements. However, a growing expense base and low capital ratios were headwinds.

UBS Group AG UBS reported net profit attributable to shareholders of $2.1 billion in the first quarter of 2022, up 17.1% from the year-ago quarter level.

UBS’s performance was driven by a 10% rise in the NII compared to the year-ago quarter. Capital’s strong position was a tailwind.

5 shares ready to double

Each was handpicked by a Zacks expert as the #1 preferred stock to earn +100% or more in 2021. Previous recommendations have skyrocketed +143.0%, +175.9%, + 498.3% and +673.0%.

Most of the stocks in this report fly under the radar on Wall Street, which provides a great opportunity to get in on the ground floor.

Today, check out these 5 potential home runs >>

Click to get this free report

UBS Group AG (UBS): Free Stock Analysis Report

Northern Trust Corporation (NTRS): Free Stock Analysis Report

Evercore Inc (EVR): Free Stock Analysis Report

UMB Financial Corporation (UMBF): Free Stock Analysis Report

To read this article on Zacks.com, click here.

Zacks Investment Research

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Related posts:

  1. SPAQ Motion – Now or By no means: Denbury Inc. (DEN) and Spartan Acquisition Corp. II (SPRQ) | Zoom Fintech
  2. UAL motion: a rebound might come for United, however it’s nonetheless too dangerous
  3. MarineMax, Quanex Constructing Product Corp, LouisianaPacific Corp, STMicroelectronics and Franklin Electrical Co
  4. India Rankings and Rankings maintains secure outlook for NBFCs for fiscal 22

Recent Posts

  • FatBrain launches Angelina FX service to make FX pricing more transparent
  • New fee waiver for studying in Australia
  • CALF: Mostly Undervalued and Largely Profitable Small Stocks with Caveats (BATS:CALF)
  • FOREX-Dollar slides off 2-decade highs; yuan drops on weak Chinese data
  • What if you can’t pay the medical bills?

Archives

  • May 2022
  • April 2022
  • March 2022
  • February 2022
  • January 2022
  • December 2021
  • November 2021
  • October 2021
  • September 2021
  • August 2021
  • July 2021
  • June 2021
  • May 2021
  • March 2021
  • February 2021

Categories

  • Capital
  • Forex Rates
  • Gross Margin
  • Liquidity ratios
  • Waiver

Recent Posts

  • FatBrain launches Angelina FX service to make FX pricing more transparent
  • New fee waiver for studying in Australia
  • CALF: Mostly Undervalued and Largely Profitable Small Stocks with Caveats (BATS:CALF)
  • FOREX-Dollar slides off 2-decade highs; yuan drops on weak Chinese data
  • What if you can’t pay the medical bills?

Archives

  • May 2022
  • April 2022
  • March 2022
  • February 2022
  • January 2022
  • December 2021
  • November 2021
  • October 2021
  • September 2021
  • August 2021
  • July 2021
  • June 2021
  • May 2021
  • March 2021
  • February 2021

Categories

  • Capital
  • Forex Rates
  • Gross Margin
  • Liquidity ratios
  • Waiver
  • TERMS AND CONDITIONS
  • PRIVACY AND POLICY