Moelis & Company (NYSE: MC) reported Q2 EPS of ($0.11), $0.05 better than the analyst estimate of ($0.16). Revenue for the quarter came in at $159.9 million versus the consensus estimate of $146.57 million.

• Second quarter revenues of $159.9 million, up 4% from the second quarter of 2019; first half revenues of $313.6 million, up 8% from the same period of 2019
• GAAP net loss of ($0.10) per share (diluted) for the second quarter of 2020 and net income of $0.33 per share (diluted) for the first half of 2020; Adjusted net loss of ($0.11) per share (diluted) for the second quarter and Adjusted net income of $0.34 per share (diluted) for the first half of 2020
• Continued to execute on organic growth strategy
  • Added two Managing Directors in the U.S. to expand and enhance the Firm’s capital markets capabilities
  • Added one Managing Director in Europe to strengthen the Firm’s Global Healthcare Group
  • Appointed Senior Advisor to provide financial and strategic advice to clients in the media and telecommunications sectors
  • Added twelve Managing Directors year-to-date through internal development and key external hires
• Strong balance sheet with cash and short term investments of $193.7 million and no debt or goodwill
• Declared quarterly dividend of $0.255 per share
• Continued to execute our Business Continuity Planning strategy, with nearly all employees continuing working from home under shelter-in-place restrictions
  • Opened selective offices around the world with limited capacity
  • We have continued to successfully and virtually support our clients who need quality advice, judgment and focus during this challenging time

“I am proud of our employees, and how nimbly we collaborated around our Capital Markets and Restructuring teams to address the immediate liquidity needs of our clients due to COVID-19. This was highlighted by the fact that over one-third of our revenues during the second quarter were from assignments awarded and executed during the period, and our restructuring activity is up significantly versus this time last year,” said Ken Moelis Chairman and Chief Executive Officer.

“We are following the same strategy for growth today that we did during the financial crisis. Our strong balance sheet with no debt, liquid financial position and collaborative culture will continue to allow us to attract and retain exceptional talent through periods of dislocation. We have the right talent strategy, capital structure, and management team to navigate the current environment, and emerge stronger with the next growth phase of the company.”

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