Evercore (NYSE: EVR) reported Q3 EPS of $1.11, $0.73 better than the analyst estimate of $0.38. Revenue for the quarter came in at $408.5 million versus the consensus estimate of $320.49 million.

LEADERSHIP COMMENTARY

Ralph Schlosstein, Co-Chairman and Co-Chief Executive Officer, "Our broad capabilities to serve our clients drove solid results for both the third quarter and first nine months of this year, as these capabilities largely offset the expected decline in revenues from M&A activity. During the quarter, we added significantly to our year-to-date record underwriting revenues and we continued to see momentum across our capital advisory and underwriting businesses. We are extraordinarily proud of the strong Institutional Investor results our Evercore ISI team achieved – #3 among all firms and #1 by far among independent firms – and we thank our institutional investor clients for their strong and ongoing support. And our wealth management team continued to deliver exceptional returns and client service to our clients. We are benefiting materially from the investments that we have made in broadening and diversifying our platform over the past several years, and we are demonstrating to our clients and our shareholders that Evercore is an all-weather firm that can engage with clients on all of their most important strategic, financial and capital needs, and that can deliver to our shareholders meaningful revenues and earnings even when M&A activity is not robust. Our cash position and balance sheet continue to remain strong, and our capital return strategies remain on track."

John S. Weinberg, Co-Chairman and Co-Chief Executive Officer, "As the merger market begins to recover, we are pleased with the pace of activity that we are experiencing throughout our business. We maintained our #1 league table ranking among independents for announced M&A and the #4 position in the U.S. among all firms over the last twelve months. Our diverse capabilities allow us to advise our clients on their most important objectives, including mergers, as well as capital advisory, restructuring and refinancing needs. We continue to have constructive discussions with senior level professionals who can add breadth and depth to our capabilities that serve our clients."

Roger C. Altman, Founder and Senior Chairman, "This quarter demonstrated the importance of the broader and more diverse platform of investment banking services, which Evercore has built over many years. While the traditional M&A market was not as strong, the Firm, nevertheless, performed quite well."

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