Greenhill & Co., Inc. Announces Executive Changes; Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2013; Declares Quarterly Dividend, Payable on March 19, 2014; Provides Tax Rate Guidance for 2014
The company reported unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2013. The firm's fourth quarter total revenues were $76.3 million, which compares to total revenues of $92.3 million for the fourth quarter of 2012, representing a decrease of $16.0 million, or 17%. The firm's net income allocated to common stockholders of $15.8 million and diluted earnings per share of $0.53 increased $0.7 million, or 4%, and $0.03 per share, or 6%, respectively, compared to net income allocated to common stockholders of $15.1 million and diluted earnings per share of $0.50 for the fourth quarter of 2012. Income before tax was $21.170 million compared to $28.162 million in the fourth quarter of 2012.
The firm's 2013 total revenues compare with total revenues of $285.1 million for 2012, which represents an increase of $2.1 million, or 1%. The firm's 2013 net income allocated to common stockholders compares with net income allocated to common stockholders of $42.1 million and diluted earnings per share of $1.38 for 2012, representing increases of $4.6 million, or 11%, and $0.17 per share, or 12%, respectively. Income before tax was $71.206 million compared to $70.475 million in the fourth quarter of 2012.
The Board of Directors of Greenhill & Co., Inc. has declared a dividend of $0.45 per share to be paid on March 19, 2014 to common stockholders of record on March 5, 2014.
The company expects 2014 annual effective tax rate to be in the range of 33% to 37% depending on the jurisdictions in which it generates profits.