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Moelis & Company (MC) Q1 Earnings Beat as Revenues Rise Y/Y
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Moelis & Company (MC - Free Report) recorded first-quarter 2021 adjusted earnings per share of $1.02, surpassing the Zacks Consensus Estimate of 97 cents. Also, the bottom line improved from the year-ago quarter’s 45 cents per share.
Results were driven by a substantial improvement in revenues. Moreover, the company had a solid liquidity position in the reported quarter. However, a rise in expenses was the undermining factor.
Net income (GAAP basis) was $75.8 million or $1.00 per share, significantly up from $30.1 million or 44 cents per share recorded in the prior-year quarter.
Revenues Improve, Expenses Rise
Total revenues jumped 72% year over year to $263.9 million. Further, the top line outpaced the Zacks Consensus Estimate of $238.4 million.
Total operating expenses (adjusted basis) were $191.4 million, up 48% year over year. The rise was primarily due to an increase in compensation and benefits costs.
Other income was $3.2 million against other expenses of $1.7 million recorded in the prior-year quarter.
As of Mar 31, 2021, the company had cash and liquid investments of $227.7 million, with no debt or goodwill.
Capital Deployment Update
In the reported quarter, the company repurchased 1.4 million shares for $74.2 million.
Moreover, concurrent with the earnings release, it announced a special dividend (in addition to the regular quarterly dividend) of $2.00 per share. The dividend will be paid out on Jun 18 to shareholders of record as of May 10.
Our View
Moelis & Company’s global expansion initiatives, and solid merger and acquisition activities bode well for the future. The company's enhanced capital deployments reflect a strong balance sheet.
Moelis & Company Price, Consensus and EPS Surprise
Main Street Capital Corporation (MAIN - Free Report) and FS KKR Capital Corp. (FSK - Free Report) are scheduled to announce quarterly results on May 6 and May 10, respectively. Gladstone Investment Corporation (GAIN - Free Report) is scheduled to announce the March-end quarter’s results on May 11.
These Stocks Are Poised to Soar Past the Pandemic
The COVID-19 outbreak has shifted consumer behavior dramatically, and a handful of high-tech companies have stepped up to keep America running. Right now, investors in these companies have a shot at serious profits. For example, Zoom jumped 108.5% in less than 4 months while most other stocks were sinking.
Our research shows that 5 cutting-edge stocks could skyrocket from the exponential increase in demand for “stay at home” technologies. This could be one of the biggest buying opportunities of this decade, especially for those who get in early.
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Moelis & Company (MC) Q1 Earnings Beat as Revenues Rise Y/Y
Moelis & Company (MC - Free Report) recorded first-quarter 2021 adjusted earnings per share of $1.02, surpassing the Zacks Consensus Estimate of 97 cents. Also, the bottom line improved from the year-ago quarter’s 45 cents per share.
Results were driven by a substantial improvement in revenues. Moreover, the company had a solid liquidity position in the reported quarter. However, a rise in expenses was the undermining factor.
Net income (GAAP basis) was $75.8 million or $1.00 per share, significantly up from $30.1 million or 44 cents per share recorded in the prior-year quarter.
Revenues Improve, Expenses Rise
Total revenues jumped 72% year over year to $263.9 million. Further, the top line outpaced the Zacks Consensus Estimate of $238.4 million.
Total operating expenses (adjusted basis) were $191.4 million, up 48% year over year. The rise was primarily due to an increase in compensation and benefits costs.
Other income was $3.2 million against other expenses of $1.7 million recorded in the prior-year quarter.
As of Mar 31, 2021, the company had cash and liquid investments of $227.7 million, with no debt or goodwill.
Capital Deployment Update
In the reported quarter, the company repurchased 1.4 million shares for $74.2 million.
Moreover, concurrent with the earnings release, it announced a special dividend (in addition to the regular quarterly dividend) of $2.00 per share. The dividend will be paid out on Jun 18 to shareholders of record as of May 10.
Our View
Moelis & Company’s global expansion initiatives, and solid merger and acquisition activities bode well for the future. The company's enhanced capital deployments reflect a strong balance sheet.
Moelis & Company Price, Consensus and EPS Surprise
Moelis & Company price-consensus-eps-surprise-chart | Moelis & Company Quote
Currently, Moelis & Company carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Earnings Release Dates of Other Finance Stocks
Main Street Capital Corporation (MAIN - Free Report) and FS KKR Capital Corp. (FSK - Free Report) are scheduled to announce quarterly results on May 6 and May 10, respectively. Gladstone Investment Corporation (GAIN - Free Report) is scheduled to announce the March-end quarter’s results on May 11.
These Stocks Are Poised to Soar Past the Pandemic
The COVID-19 outbreak has shifted consumer behavior dramatically, and a handful of high-tech companies have stepped up to keep America running. Right now, investors in these companies have a shot at serious profits. For example, Zoom jumped 108.5% in less than 4 months while most other stocks were sinking.
Our research shows that 5 cutting-edge stocks could skyrocket from the exponential increase in demand for “stay at home” technologies. This could be one of the biggest buying opportunities of this decade, especially for those who get in early.
See the 5 high-tech stocks now>>