Financial advisory firm Perella Weinberg Partners (NASDAQ: PWP) will be reporting earnings this Friday morning. Here’s what you need to know.
Perella Weinberg missed analysts’ revenue expectations last quarter, reporting revenues of $148.9 million, down 29.7% year on year. It was a disappointing quarter for the company, with a significant miss of analysts’ EPS estimates.
Is Perella Weinberg a buy or sell going into earnings? Read our full analysis here, it’s free for active Edge members.
This quarter, the market is expecting Perella Weinberg’s revenue to decline 6.8% year on year, improving from the 42.9% decrease it recorded in the same quarter last year.
Analysts covering the company have generally reconfirmed their estimates over the last 30 days, suggesting they anticipate the business will stay the course heading into earnings. Perella Weinberg has missed Wall Street’s revenue estimates multiple times over the last two years.
Looking at Perella Weinberg’s peers in the investment banking & brokerage segment, some have already reported their Q2 results, giving us a hint as to what we can expect. Goldman Sachs delivered year-on-year revenue growth of 39.5%, beating analysts’ expectations by 23.7%, and PJT reported revenues up 19.5%, topping estimates by 14.3%. Goldman Sachs traded up 10.2% following the results while PJT was down 2.2%.
Read our full analysis of Goldman Sachs’s results here and PJT’s results here.
There has been positive sentiment among investors in the investment banking & brokerage segment, with share prices up 6.5% on average over the last month. Perella Weinberg is down 7.1% during the same time and is heading into earnings with an average analyst price target of $20.38 (compared to the current share price of $14.83).
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