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UPDATE 1-Greenhill Q2 profit lags Wall Street view
July 21, 2010 / 9:11 PM / 7 years ago

UPDATE 1-Greenhill Q2 profit lags Wall Street view

* Q2 EPS $0.57 vs est. $0.61

* Expenses up 44 pct in Q2

July 21 (Reuters) - Greenhill & Co Inc (GHL.N) reported quarterly profit below analysts’ view for the second straight quarter, as higher revenue at the boutique investment bank was largely offset by a rise in expenses.

Second-quarter net income available to common shareholders was $17.6 million, or 57 cents a share, compared with $10.3 million, or 35 cents a share, in the year ago period.

Analysts expected earnings of 61 cents a share, according to Thomson Reuters I/B/E/S.

“While the general level of transaction activity has remained difficult and the time to completion of transactions has generally become longer, we have seen signs of recent improvement at least at our firm,” Chief Executive Scott Bok said in a statement.

Total revenue for the quarter rose 54 percent to $83.5 percent on the back of a 36 percent increase in revenue coming from financial advisory -- its largest contributor to total revenue. Analysts were looking at total revenue of $76.3 million.

Total expenses stood at $53.2 million, up from $36.9 million in the same period last year.

Shares of the New York-based company closed at $63.88 Wednesday on the New York Stock Exchange. (Reporting by Sweta Singh in Bangalore; Editing by Vyas Mohan)

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