Moelis & Company (NYSE: MC) reported Q3 EPS of $0.54, $0.51 better than the analyst estimate of $0.03. Revenue for the quarter came in at $207.6 million versus the consensus estimate of $145.08 million.

• Third quarter revenues of $207.6 million, down 10% from a record third quarter of 2019; first nine month revenues of $521.2 million, essentially flat versus the prior year period
• GAAP net income of $0.54 per share (diluted) for the third quarter and $0.88 per share (diluted) for the first nine months of 2020; Adjusted net income of $0.54 per share (diluted) and $0.88 per share (diluted) for the third quarter and first nine months of 2020, respectively
• Continued to execute on organic growth strategy:
  • Added one Managing Director in MENA to strengthen the Firm’s M&A technology and financing capabilities
  • Added thirteen Managing Directors year-to-date through internal development and key external hires to enhance our expertise in important sectors, products and regions
  • Strong pipeline of internal and external senior level talent
• Strong balance sheet with cash and short term investments of $266.3 million and no debt or goodwill
• Declared quarterly dividend of $0.3825 per share, an increase of 50% from the second quarter

“We started to see a resurgence in our M&A activity over the summer, and the pace of transaction announcements and momentum in the business has only intensified since then. We achieved the strongest quarter of Restructuring related activity in our Firm’s history during the third quarter, and our ongoing mandates continue to remain elevated,” said Ken Moelis, Chairman and Chief Executive Officer.

“Our platform was built to be durable and flexible across differing economic landscapes. In today’s unusual environment, the necessary ingredients for M&A, Restructuring and Capital Markets to all be active at the same time are present, which gives me tremendous confidence about the Firm’s growth prospects.”

For earnings history and earnings-related data on Moelis & Company (MC) click here.