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Sep 30, 2021
PWP Q3 2021 Earnings Report
Reported strong third quarter results with revenue increase.
Key Takeaways
Perella Weinberg Partners reported a record third quarter, with revenues up 44% compared to the same period in 2020. The firm's performance was driven by high levels of activity across various service lines, sectors, and geographies, particularly in mergers and acquisitions advice. While GAAP net loss was ($9.5) million, adjusted net income reached $28.9 million.
Third quarter revenues reached $177.4 million, a 44% increase year-over-year.
GAAP net loss was ($9.5) million, while adjusted net income was $28.9 million.
GAAP diluted net loss per Class A share was $(0.09), and adjusted diluted net income per Class A share was $0.26.
The firm added nine advisory partners year-to-date, expanding coverage and expertise.
Forward Guidance
PWP is well-positioned to capitalize on the favorable environment, focusing on strengthening its partner base and expanding coverage and expertise. The firm remains committed to providing high-quality strategic and financial advice to clients and delivering long-term value to shareholders.
Positive Outlook
- Advisory services remain in high demand.
- Strong brand presence continues to attract clients.
- Strategic dialogue and transaction flow, especially in M&A, remains very active.
- Record results generated in the European business for the year-to-date period.
- Balanced and diversified platform positions the firm to take advantage of the favorable environment.
Challenges Ahead
- Headwinds in the restructuring market.
- GAAP operating income margin was negative (-5.8%).
- GAAP net income (loss) was negative ($-9.5 million).
Historical Earnings Impact
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Avg. Return Before/After Earnings
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