Evercore Inc. (EVR) reported strong financial results for the third quarter of 2024 on Monday, with both earnings and revenue beating Wall Street estimates. However, despite the solid performance, the company's stock declined in pre-market trading.

The investment banking advisory firm posted adjusted earnings per share of $2.04, surpassing analysts' consensus estimate of $1.96. Net revenues rose 28% year-over-year to $739.5 million, exceeding expectations of $713.3 million.

Evercore's advisory business remained robust, with advisory fees climbing 27% to $593.2 million, driven by an increase in revenue from large transactions and a higher number of advisory fees earned during the quarter. Underwriting fees also saw a substantial 43% increase to $44.1 million, reflecting the firm's participation in more capital markets transactions.

The company's operating margin improved, with the adjusted operating margin expanding by 385 basis points to 18.2%. This was attributed to higher revenues and a lower adjusted compensation ratio of 66%, compared to 68% in the prior-year period.

Despite the strong financial performance, Evercore's shares slipped in pre-market trading, indicating that investors may have expected even better results or had concerns about the company's outlook amid macroeconomic uncertainties.