Evercore Inc. (NYSE: EVR) has reported its first quarter 2024 results, showcasing noteworthy changes from the same period in 2023. The company's net revenues for the first quarter of 2024 stood at $580.8 million on a U.S. GAAP basis, representing a 2% increase from the first quarter of 2023. On an adjusted basis, the net revenues for the first quarter of 2024 were $587.3 million, also reflecting a 2% increase from the same period in 2023.
The operating income for the first quarter of 2024 was reported at $84.1 million on a U.S. GAAP basis, down from $106.9 million in the first quarter of 2023. On an adjusted basis, the operating income for the first quarter of 2024 was $90.6 million, down from $115.5 million in the first quarter of 2023.
Net income attributable to Evercore Inc. for the first quarter of 2024 was $85.7 million on a U.S. GAAP basis, compared to $83.4 million in the first quarter of 2023. On an adjusted basis, the net income for the first quarter of 2024 was $92.9 million, compared to $93.3 million in the first quarter of 2023.
Diluted earnings per share for the first quarter of 2024 stood at $2.09 on a U.S. GAAP basis, compared to $2.06 in the first quarter of 2023. On an adjusted basis, the diluted earnings per share for the first quarter of 2024 was $2.13, down from $2.16 in the first quarter of 2023.
The compensation ratio for the first quarter of 2024 was 66.8%, up from 64.1% in the first quarter of 2023. The operating margin for the first quarter of 2024 was reported at 14.5% on a U.S. GAAP basis, down from 18.7% in the first quarter of 2023. On an adjusted basis, the operating margin for the first quarter of 2024 was 15.4%, down from 20.0% in the first quarter of 2023. The effective tax rate for the first quarter of 2024 was reported at (7.7%), down from 14.9% in the first quarter of 2023 on a U.S. GAAP basis. On an adjusted basis, the effective tax rate for the first quarter of 2024 was (9.3%), down from 15.2% in the first quarter of 2023.
Additionally, Evercore announced an increase in its quarterly dividend to $0.80 per share and returned $308.5 million to shareholders during the quarter through dividends and repurchases of 1.5 million shares at an average price of $177.04.
The company's business segments, investment banking & equities, and investment management, also experienced changes in key financial metrics. The total number of fees from advisory and underwriting client transactions and the total number of fees of at least $1 million from advisory and underwriting client transactions both witnessed increases from the first quarter of 2023.
The market has reacted to these announcements by moving the company's shares -5.9% to a price of $184.47. If you want to know more, read the company's complete 8-K report here.
