Houlihan Lokey Beats Estimates, Sounds Caution on M&A Rebound

Houlihan Lokey Inc. posted its highest fourth-quarter revenues on record as it benefited from a boost in its restructuring businesses — even as it sounded a note of caution about the rebound in M&A.

The Los Angeles-headquartered investment bank, known for its prolific activity advising on mid-market deals, posted $520.5 million in revenue, surpassing analysts estimates.

“We enter fiscal 2025 with good momentum in our business and the most talented work force in the firm’s history, however, we are realistic about the pace of recovery in this sluggish M&A environment,” Chief Executive Officer Scott Beiser said in a statement.

The ...