Evercore Slips on 2Q Earnings Miss

Dow Jones07-30 01:51

Shares of Evercore fell after the investment bank's second-quarter adjusted earnings came in below analysts' expectations.

The stock was recently down about 9.9%, at $306.95, midday Wednesday, and has fallen 9.8% year to date.

Evercore reported second-quarter earnings of $2.91 a share, compared with analysts' expectations of $3.03 a share, according to FactSet.

The company reported net income of $95.3 million, or $2.32 a share, compared with $97.2 million, or $2.36 a share, a year earlier.

Revenue was $998.5 million, compared with $838 million a year earlier. Analysts polled by FactSet expected $985 million.

Technology and information services, professional fees, travel and depreciation all rose from a year earlier, and interest expense roughly doubled, the New York company said.

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