LOS ANGELES (AP) — LOS ANGELES (AP) — Houlihan Lokey Inc. (HLI) on Wednesday reported fiscal first-quarter net income of $78 million.
On a per-share basis, the Los Angeles-based company said it had profit of $1.15. Earnings, adjusted for non-recurring costs, were $1.35 per share.
The results fell short of Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of $1.64 per share.
The investment banking company posted revenue of $511 million in the period, which also fell short of Street forecasts. Three analysts surveyed by Zacks expected $602.5 million.
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