Why Moelis & Company Jumped 12% on Thursday
Shares of Moelis & Company (NYSE: MC) climbed nearly 12% on Oct. 31 after the investment bank delivered solid third-quarter results.
Moelis & Company's revenue rose 12% year over year to $231.7 million. The investment bank was paid more on average for the deals it completed in the third quarter compared to the year-ago period. Notably, the gains came despite a sluggish overall merger and activity environment.
"Our record third-quarter performance was a result of positive momentum across all products, with our overall average fees increasing meaningfully," Chairman and CEO Ken Moelis said in a press release. "We earned higher M&A average fees on both middle-market transactions, and deal values greater than $5 billion, and restructuring had its strongest quarter ever, demonstrating the depth and breadth of our platform."
Source Fool.com
