Evercore Inc. announced its third quarter 2024 results, reporting U.S. GAAP Net Revenues of $734.2 million, a 29% increase compared to the third quarter of 2023. Adjusted Net Revenues also rose by 28% to $739.5 million. This growth was driven by increased revenue from large transactions and a higher number of advisory fees earned.
The firm's U.S. GAAP Operating Income for Q3 2024 increased by 59% to $122.0 million, with the operating margin improving to 16.6% from 13.5% in the prior year. Adjusted Operating Income saw a 63% increase to $134.6 million, and the adjusted operating margin reached 18.2%. Net Income Attributable to Evercore Inc. grew by 50% to $78.4 million, resulting in diluted earnings per share of $1.86.
Advisory Fees increased by 27% to $592.9 million, and Underwriting Fees surged by 43% to $44.1 million. Commissions and Related Revenue also grew by 12% to $54.5 million, reflecting higher trading commissions. Assets Under Management in Wealth Management increased by 23% to $13.8 billion, contributing to a 19% rise in Asset Management and Administration Fees.
Evercore advised on notable transactions in Q3 2024, including TIH's $7.8 billion sale of McGriff Insurance Services and CVC's acquisition of a significant ownership position in Epicor. The firm also acted as lead-left bookrunner on Diamondback Energy’s $2.6 billion follow-on offering. The company returned $528.8 million to shareholders during the first nine months of 2024 through dividends and repurchases of 2.2 million shares.
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