Evercore Partners posts 1Q loss on M&A slowdown

Evercore posted a loss of $965,000, or 8 cents per share, compared with earnings of $4.2 million, or 64 cents per share, in the year-ago period.

Analysts polled by Thomson Financial forecast profit of 20 cents per share.

Revenue fell to $44.5 million from $89.5 million. Analysts expected revenue of $59 million.

Evercore Chief Executive Roger C. Altman said in a statement investment banking is "lumpy by nature," and the company expects to have occasional weak quarters.

Evercore makes most of its money by charging clients for advice on moves like corporate acquisitions and restructurings. Companies are buying one another at a much slower volume, Evercore said.

Shares of Evercore fell 66 cents, or 4.4 percent, to $14.24 in morning trading. The stock earlier hit a 52-week low of $12.54, after ranging from $14.50 to $33 over the past year.