Evercore Inc. Reports Strong Revenue Growth

By Bobby Samwell • Wednesday, February 05 10:23 • Permanent Link

Evercore Inc. has reported its fourth quarter and full-year 2024 results, with net revenues of $975.3 million and $2.98 billion, respectively, on a U.S. GAAP basis. On an adjusted basis, the net revenues were $980.5 million for the fourth quarter and $3.0 billion for the full year. This represents a 24% and 23% increase for both periods, respectively, compared to the same periods in 2023.

The operating income for the fourth quarter of 2024 was $212.6 million on a U.S. GAAP basis and $217.7 million on an adjusted basis, reflecting an increase of 81% and 76%, respectively, compared to the same period in 2023. The operating margin also improved, with an increase of 679 and 653 basis points on a U.S. GAAP basis and an adjusted basis, respectively, versus the fourth quarter of 2023.

In terms of net income attributable to Evercore Inc., the figures were $140.4 million and $153.2 million for the fourth quarter of 2024 on a U.S. GAAP and adjusted basis, respectively, showing increases of 70% and 74% compared to the same period in 2023.

The company's diluted earnings per share for the fourth quarter of 2024 were $3.30 on a U.S. GAAP basis and $3.41 on an adjusted basis, compared to $2.03 and $2.02 for the same period in 2023, respectively. For the full year, the diluted earnings per share were $9.08 on a U.S. GAAP basis and $9.42 on an adjusted basis, showing increases from $6.37 and $6.46 in 2023, respectively.

Evercore returned $590.6 million to shareholders during 2024 through dividends and repurchases of 2.3 million shares at an average price of $193.40.

The company's business segments also showed positive growth, with advisory fees, underwriting fees, commissions and related revenue, asset management and administration fees, and other revenue all demonstrating increases for the fourth quarter and full year of 2024 compared to the same periods in 2023.

The market has reacted to these announcements by moving the company's shares 1.2% to a price of $286.26. For the full picture, make sure to review Evercore's 8-K report.

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