Perella Weinberg Partners ( NASDAQ: PWP ) stock spiked as much as 15.4% on Thursday, garnering the largest intraday gain since November 2020, after the investment banking firm's Q4 earnings and revenue each exceeded average Wall Street estimates, in addition to the introduction of an additional $100M share buyback.
A big portion of the gains, though, have been pared back in early afternoon trading, rising 6.3%.
Q4 adjusted EPS of $0.11, surpassing the $0.02 consensus estimate, slid from $0.33 in the year-ago quarter.
Revenue of $183.15M for the three months ended Dec. 31, 2022, topping the $131.42M average analyst estimate, drifted down from $198.91M for the three months ended Dec. 31, 2021. The slump in sales was mostly driven by a reduction in mergers and acquisition activity, partially offset by a step-up in fees related to its financing and capital solutions advisory business.
Total expenses of $202.69M versus $199.53M in Q4 2021.
Adjusted operating income was $16.88M , down from $45.03M a year earlier.
Earlier, Perella Weinberg Non-GAAP EPS of $0.11 beats by $0.10, revenue of $183.1M beats by $51.68M .
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Perella Weinberg surges most since Nov. 2020 after Q4 beat, $100M share buyback