Evercore Inc. Reports Unaudited Consolidated Financial Results for the Fourth Quarter and Full Year Ended Dec. 31, 2017; Provides Tax Rate Guidance for the Year of 2018
January 31, 2018 at 11:02 am
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Evercore Inc. reported unaudited consolidated financial results for the fourth quarter and full year ended Dec. 31, 2017. For the quarter, net revenues were $540,031,000 against $445,369,000 for the same period of last year. Income before income from equity method investments and was $184,146,000 against $97,359,000 for the same period of last year. Income before income taxes was $187,477,000 against $99,871,000 for the same period of last year. Net loss attributable to the company's common shareholders was $19,412,000 against income of $43,428,000 for the same period of last year. Diluted loss per share was $0.50 against income of $0.98 for the same period of last year. Adjusted net Revenue was $465,452,000 against $442,189,000 for the same period of last year. Adjusted operating income was $134,192,000 against $127,010,000 for the same period of last year. Adjusted net income attributable to the company's shareholders was $77,998,000 against $74,417,000 for the same period of last year. Adjusted diluted earnings per share was $1.55 against $1.43 for the same period of last year.
For the year, net revenues were $1,704,349,000 against $1,440,052,000 for the same period of last year. Income before income from equity method investments and was $428,811,000 against $261,174,000 for the same period of last year. Income before income taxes was $437,649,000 against $267,815,000 for the same period of last year. Net income attributable to the company's common shareholders was $125,454,000 against $107,528,000 for the same period of last year. Diluted earnings per share was $2.80 against $2.43 for the same period of last year. Adjusted net Revenue was $1,625,752,000 against $1,431,137,000 for the same period of last year. Adjusted operating income was $426,497,000 against $378,829,000 for the same period of last year. Adjusted net income attributable to the company's shareholders was $276,371,000 against $223,018,000 for the same period of last year. Adjusted diluted earnings per share was $5.45 against $4.32 for the same period of last year. Without the benefit of the reduced tax rate, which is primarily in the first quarter of each year, EPS would have been up approximately 15%. Net revenues and adjusted net revenues were increased, driven by an increase in Investment Banking revenues, primarily due to an increase in Advisory fees.
The company expects 2018 adjusted effective tax rate to be approximately 21%, reflecting the lower tax structure of the Tax Cuts and Jobs Act. The adjusted effective tax rate would be approximately 25%, excluding any impact of share price changes on the deduction associated with share-based compensation.
Evercore Inc. is an independent investment banking advisory company. The Company operates in two segments: Investment Banking & Equities and Investment Management. The Investment Banking & Equities segment includes the investment banking business through which it provides advice to clients on mergers, acquisitions, divestitures, shareholder activism and other strategic corporate transactions with a particular focus on advising multinational corporations and private equity firms on large, complex transactions. It provides liability management and restructuring advice to companies in financial transition, as well as to creditors, shareholders and potential acquirers. The Investment Management segment includes the wealth management business, through which it provides investment advisory, wealth management and fiduciary services for high-net-worth individuals and associated entities, and the private equity business, which holds interests in private equity funds, not managed by the Company.
Evercore Inc. Reports Unaudited Consolidated Financial Results for the Fourth Quarter and Full Year Ended Dec. 31, 2017; Provides Tax Rate Guidance for the Year of 2018