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    Greenhill posts 22 percent jump in 2nd-qtr profit

    AP – Sun, Jul 17, 2011

    NEW YORK (AP) — Boutique investment bank Greenhill & Co. posted a 22 percent jump in second quarter profit in an unusual Sunday announcement.

    The New York-based firm, which had been due to report results on Tuesday, may have announced early to stem the slide of its stock, which fell nearly 14 percent last week, including a 12 percent drop Friday to close at $46.50.

    That decline, which followed reports that managing director Timothy George would leave the company in the latest of a series of high-profile departures, compounded a steep drop since the beginning of the year, bringing the total loss to 43 percent this year.

    The firm, which specializes in advising companies on mergers, acquisitions and restructurings, said net income available to common stockholders rose to $21.5 million, or 69 cents per share, from $17.6 million, or 57 cents per share in last year's quarter.

    Revenue rose 9 percent to $90.8 million, from $83.5 million a year ago.

    The results far outpaced analyst expectations, on average, for profit of 34 cents per share on revenue of $74.5 million, according to data provided by FactSet.

    The firm said its financial advisory revenue rose 38 percent in the quarter to $85.6 million.

    In the earnings release, Chairman Robert F. Greenhill said the increases came "in an environment where transaction activity has increased but remains far below historic levels." The firm is seeing significant gains in North American activity, continued strength in Australia and "the beginnings of a rebound from an extended difficult period in Europe."

    Among the deals completed during the quarter was the $51 billion sale of Alcon Inc. to Novartis AG, a deal George reportedly was involved with.

     

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