Perella Weinberg Posts $0.20 Adj EPS in Q2, Reversing Q1 Loss
PWP is trading near its 52-week low of $14.11 (5.6% above the low).
Summary
Perella Weinberg reported Q2 adjusted EPS of $0.20, a sharp turnaround from the $0.02 loss in Q1. Revenue hit $218.5 million, rebounding from the 30% year-over-year decline last quarter. The results follow a May announcement of 10% workforce cuts aimed at reducing costs. The earnings beat suggests the restructuring is taking hold faster than expected. Insider selling had been heavy in May and June, but these numbers may shift sentiment. Watch for management commentary on deal pipeline and whether the cost cuts are fully reflected.
At the time of this announcement, PWP was trading at $14.90 on NASDAQ in the Finance sector, with a market capitalization of approximately $1.4B. The 52-week trading range was $14.11 to $25.93. This news item was assessed with positive market sentiment and an importance score of 8 out of 10. Source: Dow Jones Newswires.