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Moelis posts 1Q profit

NEW YORK (AP) _ Moelis & Co. (MC) on Tuesday reported first-quarter earnings of $15.3 million.

The New York-based company said it had earnings of 46 cents per share. Earnings, adjusted for non-recurring costs, were 54 cents per share.

The results beat Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of 42 cents per share.

The investment bank posted revenue of $173.3 million in the period.

Moelis shares have increased 14 percent since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $38.75, a climb of 37 percent in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on MC at https://www.zacks.com/ap/MC

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Keywords: Moelis, Earnings Report