Quarterly earnings of Evercore Partners Inc.(NYSE:EVR) came in above expectations riding on its investment banking advisory business which saw a sharp rise in revenues.
Evercore posted net income of $19 million, or 56 cents per share. That compared with a loss of $677,000, or 2 cents per share, in the year-ago period.
Excluding one-time items, Evercore reported adjusted earnings of $35.3 million, or 81 cents per share, in the latest quarter. That easily exceeded the consensus forecast of analysts who expected 52 cents per share, on average.
Revenue jumped 90 percent to $214 million. Analysts expected revenue of $158.3 million.
Investment banking revenues more than doubled to $195.5 million as the company provided advice on major M&A deals, and earned advisory fees from 169 clients compared with 127 in the same quarter a year ago.
Chesapeake Energy Corporation(NYSE:CHK)’s announcing on the imminent departure of its Chief Executive Aubrey McClendon was cheered by the market, which took the stock up more than 5 percent on Wednesday morning.
Analysts feel that with his exit, the company will be able to give better returns to its shareholders.
McClendon is being investigated by federal authorities for dealings that apparently overlapped business interests and his own interests. It raised questions about the company’s corporate governance norms.
McClendon said in a statement that philosophical differences with a new board led to his decision to depart, but he said he would work with the company on a transition to new leadership.
Chesapeake shares rose 99 cents, or 5.2 percent, to $19.96 in morning trading. Earlier in the session the stock reached $21.41. The shares have ranged from $13.32 to $26.09 over the past 52 weeks.