Perella Weinberg Partners (PWP), an independent investment banking firm, announced a profit for the fourth quarter on Friday, contrasting with a previous year's loss. Both profit and revenue exceeded Wall Street expectations, leading to an over 9 percent increase in the company's stock during pre-market trading.
The firm reported a net income of $20.77 million, or $0.30 per share, for the quarter, in stark contrast to the net loss of $10.41 million, or $0.49 per share, recorded in the same period last year.
When excluding non-recurring items, earnings stood at $25.98 million, or $0.26 per share, surpassing the analysts' average forecast of $0.21 per share. Typically, analysts' projections exclude special items.
The company’s operating income reached $21.37 million, a turnaround from the previous year’s operating loss of $43.97 million.
Quarterly revenue increased by 6 percent, totaling $225.67 million, up from $212.68 million in the prior year. The consensus estimate had been $220.78 million.
Furthermore, the company’s Board of Directors has announced a quarterly dividend of $0.07 per Class A share, scheduled for payout on March 10 to shareholders of record as of February 18.
Perella Weinberg's stock closed at $26.16, reflecting a 0.50 percent increase on Thursday. Over the past year, it has fluctuated within a range of $11.68 to $27.03.
