Business
Perella Weinberg Reports Second Quarter 2024 Results
Financial Overview - Second Quarter Revenues of $272 Million, Up 64% From a Year AgoAdjusted Pre-Tax Income of $63 Million, GAAP Pre-Tax Loss of $(81)
About this update from Perella Weinberg Partners
[{"type":"text","content":"Financial Overview - Second Quarter Revenues of $272 Million, Up 64% From a Year AgoAdjusted Pre-Tax Income of $63 Million, GAAP Pre-Tax Loss of $(81) MillionAdjusted EPS of $0.43; GAAP Diluted EPS of $(1.21) Financial Overview - First Half Revenues of $374 Million, Up 26% From a Year AgoAdjusted Pre-Tax Income of $45 Million, GAAP Pre-Tax Loss of $(132) MillionAdjusted EPS of $0.34; GAAP Diluted EPS of $(1.96) Talent Investment Year-to-Date Added Three New Partners and Nine New Managing DirectorsTwo Additional Partners and One Additional Managing Director Joining Firm Later This Year Capital Management Strong Balance Sheet with $185 Million of Cash and No DebtYear-to-Date Retired Approximately 10.4 Million Share Equivalents through Purchase, Exchange and Net Settlement85.8 Million Shares Outstanding at June 30, 2024, Down from 94.2 Million at March 31, 2024Year-to-Date Returned $162 Million in Total to Equity HoldersDeclared Quarterly Dividend of $0.07 Per Share “We delivered strong results, with revenues hitting a quarterly record for the Firm. We continue to execute on our scaling strategy through steady and deliberate investment in talent to increase our client coverage footprint and we are encouraged by the momentum across our business – our results reflect the combined impact of an improving market environment with the right coverage, product and geographic teams in place across our platform,” stated Andrew Bednar, Chief Executive Officer. NEW YORK, Aug. 02, 2024 (GLOBE NEWSWIRE) -- Perella Weinberg Partners (the “Firm” or “PWP”) (NASDAQ:PWP) today reported financial results for the second quarter ended June 30, 2024. Revenues For the second quarter of 2024, revenues were $272.0 million, an increase of 64% from $165.5 million for the second quarter of 2023. For the first half of 2024, revenues were $374.1 million, an increase of 26% from $297.0 million for the first half of 2023. The higher revenues in both current year periods was attributable to increased mergers and acquisition and financing and capital solutions activity, driven by larger transactions and related fee events across the business. Expenses Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 GAAP Adjusted GAAP Adjusted GAAP Adjusted GAAP AdjustedOperating expenses (Dollars in Millions) (Dollars in Millions)Total compensation and benef...