Business
Perella Weinberg Reports Second Quarter 2023 Results
Financial Overview - Second Quarter Revenues of $166 Million, Up 10% From a Year Ago and Up 26% From Last QuarterAdjusted Operating Income Margin of 9.4%,
About this update from Perella Weinberg Partners
[{"type":"text","content":" Financial Overview - Second Quarter Revenues of $166 Million, Up 10% From a Year Ago and Up 26% From Last QuarterAdjusted Operating Income Margin of 9.4%, GAAP Operating Loss Margin of (13.1)%Adjusted EPS of $0.16; GAAP Diluted EPS of $(0.19) Financial Overview - First Half Revenues of $297 Million, Down 2% From a Year AgoAdjusted Operating Income Margin of 9.1%, GAAP Operating Loss Margin of (15.0)%Adjusted EPS of $0.25; GAAP Diluted EPS of $(0.56) Talent Investment and Strategic Actions Continue to Add Senior Bankers to Expand Client Coverage Footprint and Accelerate GrowthYear-To-Date Added Four New Partners and Eight New Managing DirectorsTwo Additional Partners Expected to Join Firm in the Third QuarterBusiness Realignment Initiative Undertaken to Advance Strategic Opportunities Capital Management Strong Balance Sheet with $180 Million of Cash and Short-Term Investments and No DebtYear-to-Date Repurchased 3.6 Million Shares and EquivalentsDeclared Quarterly Dividend of $0.07 Per Share “We produced solid results in a challenging M&A market environment, delivering quarterly revenue growth year-over-year for the first time since 2021, supported by the strength of our brand and the quality of our team globally. We continue to selectively add exceptional talent to our platform – furthering our mission to achieve scale, accelerate growth and drive value for our shareholders,” stated Andrew Bednar, Chief Executive Officer. NEW YORK, Aug. 03, 2023 (GLOBE NEWSWIRE) -- Perella Weinberg Partners (the “Firm” or “PWP”) (NASDAQ:PWP) today reported financial results for the second quarter ended June 30, 2023. CFO Transition With this morning's results, PWP announced that, effective December 31, 2023, Gary Barancik will be stepping down from his role as Chief Financial Officer. Mr. Barancik joined PWP as an Advisory Partner at its founding in 2006, became its Chief Financial Officer in 2018, and has led the finance organization through PWP's transition to a public company. Alexandra Gottschalk, who has been with the Firm for over 12 years, including five years as its Chief Accounting Officer, will become Chief Financial Officer effective January 1, 2024. Revenues For the second quarter of 2023, revenues were $165.5 million, an increase of 10% from $151.1 million from the second quarter of 2022. The period-over-period growth was driven by ...