Evercore Partners (NYSE: EVR) reported Q1 EPS of $1.21, $0.05 worse than the analyst estimate of $1.26. Revenue for the quarter came in at $434.98 million versus the consensus estimate of $410.86 million.

LEADERSHIP COMMENTARY

"We reported the second strongest first quarter revenues in our history, indicative of the revenue generating power of our franchise in more normal times. But we most certainly are not in normal times, and we anticipate that revenues and operating margins in upcoming quarters will be significantly and negatively affected by the depressed economic and market environment caused by COVID-19. Our global team has performed extraordinarily well during an unusually volatile quarter, pivoting rapidly to remote work arrangements while staying connected with our clients and each other. We reported solid earnings, as previously announced transactions were completed throughout the quarter and our Equities team was extremely active, as our research was embraced by our institutional investor and advisory clients and our execution capabilities were increasingly utilized by institutional investors. We maintained our approach to capital return, substantially offsetting the dilution of equity grants during the quarter and declaring a dividend comparable to prior quarters. Our cash position and our balance sheet remain strong, and all of our teams are operational around the globe," said Ralph Schlosstein, President and Chief Executive Officer.

John S. Weinberg, Executive Chairman, continued, "We are focused on the health and safety of our team and their families and meeting the needs of our corporate, institutional investor and wealth management clients. Our efforts to uphold our Core Values of client focus, integrity and teamwork remain central to everything that we do. As we move forward, we will continue to work together in support of our clients through this downturn and the expected recovery."

Schlosstein added, "Our results demonstrate the strength and resilience of Evercore’s independent business model, and of the diverse product and geographic capabilities that we have built over the last few years to serve our clients. We are adapting our operations in response to the downturn that is now upon us, cutting costs and deferring capital projects, so that we are positioned to add talent and to continue to increase our market share when the inevitable recovery occurs."

Roger C. Altman, Founder and Senior Chairman, concluded, "We have faced dislocations before, but never one like that facing all of us now. Nevertheless, we have spent the last 25 years building a firm that can serve our clients throughout all types of financial market conditions. And, we are prepared for this unprecedented challenge and confident in our ability to meet it."

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