UPDATE 1-Evercore Q1 profit trails Street on higher expenses

* Q1 EPS $0.28 vs est $0.29: Thomson Reuters I/B/E/S

* Q1 expenses rise 60 pct

April 20 (BestGrowthStock) – U.S. merger advisory boutique Evercore
Partners Inc (EVR.N: ) reported quarterly profit slightly below
analysts’ view as expenses rose due to business expansion and
deal-related activities.

For the first quarter, net income attributable to common
shareholders was $2.0 million, or 9 cents a share, compared
with $191,000, or 1 cent per share, in the year-ago quarter.

Adjusted pro forma earnings excluding acquisition costs
were 28 cents per share, marginally missing analysts
expectations of 29 cents a share, according to Thomson Reuters

Net revenue was up 68 percent at $85.1 million, but lagged
analysts’ estimate of $90.2 million. Investment banking revenue
— the largest contributor to net revenue — rose to $71.3
million from $48.0 million in the year-ago period.

Expenses in the quarter rose 60 percent to $77.2 million.

“The business environment continues to improve at a
measured pace with activity levels in M&A increasing and
restructuring opportunities evolving from the crisis driven
challenges of 2009,” Evercore said in a statement.

Shares of the New York-based company, which have gained
about 13 percent since the beginning of this year, closed at
$33.47 Monday on the New York Stock Exchange.

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(Reporting by Sweta Singh in Bangalore; Editing by Gopakumar

UPDATE 1-Evercore Q1 profit trails Street on higher expenses