Moelis & Company reported third-quarter 2024 GAAP revenues of $273.8 million, compared to $272.2 million in the prior year period. On an Adjusted basis, revenues increased 1% to $280.7 million from $277.7 million in the prior year period, driven by an increase in M&A revenues.
The firm achieved third-quarter GAAP net income of $19.2 million, resulting in diluted earnings per share of $0.22. On an Adjusted basis, net income was $18.6 million, or $0.22 per share, a significant improvement from a net loss of $11.3 million, or ($0.15) per share, in the prior year period.
For the first nine months of 2024, Adjusted revenues reached $762.8 million, an 18% increase from the prior year period, with Adjusted net income of $51.4 million, or $0.63 per share. Moelis & Company maintained a strong financial position with $297.7 million in cash and liquid investments and no debt or goodwill as of September 30, 2024.
The Board of Directors declared a regular quarterly dividend of $0.60 per share, payable on December 2, 2024, to common stockholders of record on November 4, 2024. This dividend reflects the firm's confidence in its ongoing cash generation and commitment to shareholder returns.
Since the last earnings release, Moelis also expanded its talent base by hiring a Biotech Managing Director. This strategic addition aims to enhance the firm's capabilities and market reach within the growing biotechnology sector.
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