Financial advisory firm Perella Weinberg Partners (NASDAQ:PWP) will be reporting earnings this Friday before market hours. Here’s what investors should know.
Perella Weinberg beat analysts’ revenue expectations by 12.9% last quarter, reporting revenues of $155.3 million, down 42.9% year on year. It was an incredible quarter for the company, with a beat of analysts’ EPS estimates and a solid beat of analysts’ revenue estimates.
Is Perella Weinberg a buy or sell going into earnings? Read our full analysis here, it’s free for active Edge members.
This quarter, analysts are expecting Perella Weinberg’s revenue to decline 35.4% year on year to $179.8 million, a reversal from the 100% increase it recorded in the same quarter last year. Adjusted earnings are expected to come in at $0.15 per share.
Analysts covering the company have generally reconfirmed their estimates over the last 30 days, suggesting they anticipate the business to stay the course heading into earnings. Perella Weinberg has only missed Wall Street’s revenue estimates once over the last two years, exceeding top-line expectations by 17.2% on average.
Looking at Perella Weinberg’s peers in the investment banking & brokerage segment, some have already reported their Q3 results, giving us a hint as to what we can expect. Morgan Stanley delivered year-on-year revenue growth of 18.5%, beating analysts’ expectations by 9.2%, and Jefferies reported revenues up 21.6%, topping estimates by 8.4%. Morgan Stanley traded up 3% following the results while Jefferies was down 1.9%.
Read our full analysis of Morgan Stanley’s results here and Jefferies’s results here.
Investors in the investment banking & brokerage segment have had fairly steady hands going into earnings, with share prices down 1.3% on average over the last month. Perella Weinberg is down 6.8% during the same time and is heading into earnings with an average analyst price target of $24.75 (compared to the current share price of $18.86).
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