Greenhill & Co., Inc. (GHL) Wednesday reported a drop in profit for the first quarter, due mainly to lower revenues. Both earnings and revenues came in below analysts' expectations.
Net income allocated to common stockholders decreased to $13.62 million or $0.45 per share from $16.14 million or $0.53 per share in the same period last year.
On average, six analysts polled by Thomson Reuters expected the company to earn $0.68 per share for the quarter. Analysts' estimates typically exclude special items.
Revenues totaled $79.59 million, down from $82.69 million last year. Analysts expected revenues of $102.10 million.
Advisory revenues increased to $81.4 million from $73.3 million last year. Investment revenues for the quarter were negative $1.9 million compared to $9.4 million last year.
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