NEW YORK (AP) _ Moelis & Co. (MC) on Wednesday reported a second-quarter loss of $5.7 million, after reporting a profit in the same period a year earlier.
The New York-based company said it had a loss of 10 cents per share. Losses, adjusted for non-recurring gains, came to 11 cents per share.
The results exceeded Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for a loss of 14 cents per share.
The investment bank posted revenue of $159.9 million in the period. Its revenue net of interest expense was $159.9 million, also beating Street forecasts.
Moelis shares have dropped 5% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $30.28, a fall of 16% in the last 12 months.
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on MC at https://www.zacks.com/ap/MC
The Associated Press