Perella Weinberg Partners (PWP), an independent investment banking company, Friday reported a profit for the fourth quarter compared with loss last year. Profit as well as revenue beat the Street expectations. The company's shares were more than 9 percent up in pre-market.
The company posted net income of $20.77 million or $0.30 per share for the quarter compared with net loss of $10.41 million or $0.49 per share in the same quarter a year ago.
Excluding one-time items, earnings were $25.98 million or $0.26 per share, that beat the analysts' average estimate of $0.21 per share. Analysts' estimates typically exclude special items.
Operating income was $21.37 million versus operating loss of $43.97 million last year.
Revenue for the quarter increased 6 percent to $225.67 million from $212.68 million in the previous year. The consensus estimate was for $220.78 million.
The company's Board has declared a quarterly dividend of $0.07 per Class A share to be paid on March 10, to stockholders of record on February 18.
Perella Weinberg stock had closed at $26.16, up 0.50 percent on Thursday. It has traded in the range of $11.68 - $27.03 in the last 1 year.
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