Moelis & Company (NYSE: MC) reported Q1 EPS of $0.28, $0.10 worse than the analyst estimate of $0.38. Revenue for the quarter came in at $99.4 million versus the consensus estimate of $125.48 million.

“Since going public a year ago, we have made significant progress in growing our franchise. We have enhanced the depth and quality of our client relationships, advising on a number of highly complex transactions around the world. We have added 12 Managing Directors in strategically important areas of expertise and maintained our focus on internal talent development. During the first quarter, this progress continued with the hiring of four Managing Directors who will join us this summer to cover sectors that we expect to be active. This is in addition to 99 Managing Directors at the end of the quarter, which positions us well as the M&A market continues to steadily build,” said Ken Moelis, Chairman and Chief Executive Officer.

“Compared to a record first quarter in 2014, our first quarter results included fewer notably large fee events. As a result, we had a slower start to the year, more consistent with the pattern of seasonality that we have experienced in previous years. We also felt the effects of extended M&A processes for credit-sensitive transactions and of a softer restructuring market.”

“We continue to be encouraged by the steadily improving M&A environment which is developing largely in-line with what we have articulated since our IPO last April. With default rates hovering at record lows however, the restructuring environment remains subdued. As we look to the rest of 2015, we remain confident in our ability to generate revenue and earnings growth for our shareholders. We believe M&A will continue to be the engine of our growth and expect to see this growth manifest in the second half of the year.”

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