(RTTNews) - Boutique investment bank Evercore Partners Inc. (EVR: News ) Wednesday reported a profit for the third quarter, compared to a loss last year, benefiting from higher revenues from advisory services and investment management. Adjusted pro forma earnings for the quarter topped analysts' consensus by 7 cents.

Net income attributable to the company for the third quarter was $2.63 million or $0.14 per share, compared to a loss of $0.47 million or $0.04 per share in the previous year. Results for the quarter include total pro forma adjustments of $8.36 million.

Adjusted pro forma net income for the quarter was $10.99 million or $0.29 per share, compared to $2.27 million or $0.07 per share in the previous year. On average, nine analysts polled by Thomson Reuters expected the company to report earnings of $0.22 per share. Analysts' estimates typically exclude special items.

Total revenues for the quarter rose to $87.69 million from $65.72 million a year ago. Net revenues were $83.2 million, compared to $56.8 million a year back. Analysts expected revenues of $74.56 million for the quarter.

Advisory revenue increased to $73.31 million from $51.45 million last year, due to higher revenue contributions from both M&A advisory and restructuring assignments. Investment management revenue rose to $9.78 million from $4.30 million in the previous year, as assets under management grew, driving an increase in fee-based revenues. Other revenue was $4.60 million, down from $9.97 million in the year ago quarter.
Interest expense declined to $4.50 million from $8.90 million in the previous year.

For the nine-month period, net loss attributable to the company was $3.22 million or $0.22 per share, compared to net income of $0.62 million or $0.05 per share in the same period of the previous year. Total revenues for the period rose to $223.16 million from $183.43 million last year.

EVR is currently trading at $31.81, up 0.46 or 1.47%, on a volume of 146K shares on the NYSE.

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by RTT Staff Writer

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