PJT Partners Inc (PJT) Reports 5% Increase in Q3 Revenues and 11% Rise in Nine Months Revenues
Q3 revenues of $278 million, up 5% from the same period last year
Record nine months revenues of $825 million, an increase of 11% from a year ago
GAAP Pretax Income of $43 million for Q3 and $126 million for nine months
Company repurchased 2.0 million share equivalents year-to-date
On October 31, 2023, PJT Partners Inc (NYSE:PJT) released its financial results for the third quarter and nine months ended September 30, 2023. Despite challenging market conditions, the company reported steady growth in revenues and income.
Financial Highlights
For the third quarter, PJT Partners Inc (NYSE:PJT) reported revenues of $278 million, a 5% increase from the same period last year. The company's GAAP Pretax Income stood at $43 million, with an Adjusted Pretax Income of $44 million. The GAAP Diluted EPS was $0.68, and the Adjusted EPS was $0.78.
For the first nine months of the year, the company reported record revenues of $825 million, marking an 11% increase from a year ago. The GAAP Pretax Income for this period was $126 million, with an Adjusted Pretax Income of $130 million. The GAAP Diluted EPS was $2.20, and the Adjusted EPS was $2.30.
Paul J. Taubman, Chairman and Chief Executive Officer, commented on the company's performance,
In these difficult market conditions, our firm delivered strong performance. For the first nine months of the year, we generated record revenues as our unique combination of businesses and collaborative team approach delivered superior outcomes for clients and differentiated performance for our firm. We will continue to invest to enhance our franchise and we remain highly confident in our future growth prospects."
Capital Management and Balance Sheet
PJT Partners Inc (NYSE:PJT) reported that it had repurchased 2.0 million share equivalents year-to-date. The company held $355 million of cash, cash equivalents, and short-term investments and had no funded debt.
Dividend Announcement
The Board of Directors of PJT Partners Inc has declared a quarterly dividend of $0.25 per share of Class A common stock. The dividend will be paid on December 20, 2023, to Class A common stockholders of record as of December 6, 2023.
About PJT Partners Inc
PJT Partners Inc is a global, advisory-focused investment bank that provides independent advice coupled with high-touch client service. The company delivers leading advice to many of the world's most consequential companies, effecting transformative transactions and restructurings, and raising billions of dollars of capital around the globe.
Explore the complete 8-K earnings release (here) from PJT Partners Inc for further details.
This article first appeared on GuruFocus.
