Greenhill & Co. (GHL) Misses Q2 EPS by 10c

Greenhill & Co. (NYSE: GHL) reported Q2 EPS of $0.30, $0.10 worse than the analyst estimate of $0.40. Revenue for the quarter came in at $73 million versus the consensus estimate of $76.25 million.

"In our second quarter we continued to show increased advisory revenue compared to last year. More important to the long term growth and development of our business, we also continued to show an increase in announced corporate transactions with which we were involved, with 32 listed on our website versus 25 last year at June 30, representing an increase of 28%. Our transaction volume (the sum of all announced deal sizes) was also up, indicating our involvement in larger M&A transactions than last year. Our current pipeline of work in progress would suggest that this trend toward increased M&A announcement activity, involving generally larger transactions, should continue. Our capital advisory business, including the newly acquired Cogent Partners business focused on secondary market transactions, also had a strong performance in the quarter, and there continues to be a robust level of activity in both primary fund raising and secondary market transactions. Finally, retainer fees across the Firm were also up, indicating an increased level of early stage client activity," Robert F. Greenhill, Chairman, said.

For earnings history and earnings-related data on Greenhill & Co. (GHL) click here.

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