U.S. markets closed
  • S&P Futures

    4,704.25
    +19.25 (+0.41%)
     
  • Dow Futures

    35,819.00
    +106.00 (+0.30%)
     
  • Nasdaq Futures

    16,407.50
    +89.50 (+0.55%)
     
  • Russell 2000 Futures

    2,266.80
    +12.90 (+0.57%)
     
  • Crude Oil

    71.90
    -0.15 (-0.21%)
     
  • Gold

    1,788.90
    +4.20 (+0.24%)
     
  • Silver

    22.50
    -0.02 (-0.08%)
     
  • EUR/USD

    1.1294
    +0.0022 (+0.19%)
     
  • 10-Yr Bond

    1.4800
    +0.0460 (+3.21%)
     
  • Vix

    21.89
    -5.29 (-19.46%)
     
  • GBP/USD

    1.3260
    +0.0018 (+0.14%)
     
  • USD/JPY

    113.5090
    -0.0310 (-0.03%)
     
  • BTC-USD

    50,313.35
    -848.48 (-1.66%)
     
  • CMC Crypto 200

    1,302.53
    -18.75 (-1.42%)
     
  • FTSE 100

    7,339.90
    +107.62 (+1.49%)
     
  • Nikkei 225

    28,866.99
    +411.39 (+1.45%)
     

Moelis & Company (MC) Beats on Q2 Earnings, Hikes Dividend

  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
·2 min read
In this article:
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.

Moelis & Company MC recorded second-quarter 2021 adjusted earnings per share of $1.19, surpassing the Zacks Consensus Estimate of 82 cents. In the prior-year quarter, the company recorded a loss per share of 11 cents.

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 $93.2 million or $1.17 per share against a net loss of $9 million or 10 cents per share recorded in the prior-year quarter.

Revenues Improve Significantly, Expenses Rise

Total revenues jumped significantly year over year from $159.9 million to $360.9 million. The top line outpaced the Zacks Consensus Estimate of $268 million.

Total operating expenses (adjusted basis) were $242.7 million, up 37% year over year. The rise was due to an increase in both compensation and benefits costs, and non-compensation costs.

Other income was $2.8 million against other expenses of $3.3 million recorded in the prior-year quarter.

As of Jun 30, 2021, the company had cash and liquid investments of $280.7 million, with no debt or goodwill.

Capital Deployment Update

In the reported quarter, the company repurchased 0.4 million shares for $21.7 million. Its board of directors has authorized an additional $100 million worth of repurchase authorization.

Additionally, the company announced a hike in quarterly dividend to 60 cents per share. The dividend will be paid out on Sep 17 to shareholders of record as of Aug 2.

Our View

Moelis & Company’s global expansion initiatives along with diverse operations across sectors and industries 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 and EPS Surprise
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

Raymond James Financial RJF is scheduled to announce the June-end quarter’s results on Jul 28. Main Street Capital Corporation MAIN and FS KKR Capital Corp. FSK are scheduled to announce quarterly results on Aug 5 and Aug 9, respectively.


Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report

Raymond James Financial, Inc. (RJF) : Free Stock Analysis Report

Main Street Capital Corporation (MAIN) : Free Stock Analysis Report

Moelis & Company (MC) : Free Stock Analysis Report

FS KKR Capital Corp. (FSK) : Free Stock Analysis Report

To read this article on Zacks.com click here.

Zacks Investment Research