Greenhill & Co. (GHL) Misses Q3 EPS by 41c, Revenues Miss

Greenhill & Co. (NYSE: GHL) reported Q3 EPS of ($0.49), $0.41 worse than the analyst estimate of ($0.08). Revenue for the quarter came in at $56 million versus the consensus estimate of $57.56 million.

"Our Firm has continued to remain fully operational during the pandemic. In the early stages of the pandemic we benefited from a very significant increase in restructuring assignments, offset by a substantial decline in M&A and capital advisory transaction activity. More recently we have seen a significant increase in M&A activity, while continuing economic weakness in numerous sectors suggests restructuring activity will remain elevated. We continue to expect a particularly strong fourth quarter, due to significant restructuring and M&A transaction completions, resulting in a respectable revenue outcome for the full year. Our non-compensation costs continue to be materially lower than usual, and we expect to bring our compensation ratio for the full year down by year end as we did last year. It continues to be our objective and expectation to generate a net profit for the year despite the economic impact of the pandemic. By early next year we expect to be in a position to both accelerate debt repayment and prudently resume share repurchases," Scott L. Bok, Chairman and Chief Executive Officer, commented.

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

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