Greenhill & Co. (GHL) Misses Q2 EPS by $1.03

Greenhill & Co. (NYSE: GHL) reported Q2 EPS of ($0.79), $1.03 worse than the analyst estimate of $0.24. Revenue for the quarter came in at $43.2 million versus the consensus estimate of $71.8 million.

"We have seen a material increase in new client assignments for the year to date, and our number of transaction announcements is higher as well. By that measure our second quarter was the second best in our history, and on a trailing four quarters basis our number of deal announcements is at an all-time high. While many of our announced transactions have been for large companies, the deal sizes year to date have skewed to the smaller end of the size spectrum, resulting in anemic first half revenue similar to our results for that period last year. Our current pipeline suggests that revenue for the full year should evolve similarly to last year, where a strong second half followed a slow first half and resulted in a respectable full year revenue outcome. Given our continued discipline on costs that should result in improved full year results in terms of earnings and cash flow. For the year to date our cash flow was sufficient to make another voluntary debt repayment, and we remain focused on reducing our leverage while also repurchasing shares at what we see as an attractive price. And we continue to invest in the longer term potential of the business through both senior level recruiting and the development of internal talent," 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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