Overview
- Revenue was $164.6 million, down 40.8% year over year and below the $179.8 million consensus.
- Adjusted earnings were $0.13 per share versus the $0.15 analyst estimate, a 10.3% shortfall.
- Pre-tax profit totaled $11.59 million for a 7% margin, indicating modest profitability despite the miss.
- Shares closed down 4.5% at $18.02 after falling as much as 8% during the session following the report.
- Management highlighted the hiring of 25 senior bankers and the completed Devon Park acquisition to build scale ahead of a more active deal environment.