Is HL Done For? Q Earnings Were Brutal
Just read HL’s latest earnings and they were pretty rough.
* Total revenue: $511M vs. $605M YoY (-16%)
* Net income: $78M vs. $98M (-20%)
* Corporate Finance revenue: $303M vs. $398M (-24%)
* CF segment profit: $89M vs. $127M (-30%)
What really stood out is that closed CF transactions actually increased slightly (127 vs. 125), but revenue still fell 24% because average fees collapsed. Management said it was due to “transaction mix” and doesn’t represent a trend, but that’s a pretty massive decline to chalk up to mix alone.
Is HL losing share on larger mandates, or is this just one ugly quarter?
Would love to hear from anyone in HL Corporate Finance. Was this just bad timing on deal closings, lower fee realization, or is something else going on internally?
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