PJT Partners Inc. (PJT) swung to a net profit for the quarter ended Dec. 31, 2016. The company has made a net profit of $6.74 million, or $ 0.35 a share in the quarter, against a net loss of $11.18 million, or $0.61 a share in the last year period. On an adjusted basis, net profit for the quarter was $35.05 million, when compared with net loss $9.06 million in the last year period.

Revenue during the quarter surged 67.11 percent to $173.50 million from $103.82 million in the previous year period. Gross margin for the quarter expanded 417 basis points over the previous year period to 96.37 percent. Operating margin for the quarter period stood at positive 13.82 percent as compared to a negative 27.61 percent for the previous year period.

Operating income for the quarter was $23.98 million, compared with an operating loss of $28.67 million in the previous year period.

"We are proud of all that we have accomplished in our first full year as an independent publicly traded company," said Paul J. Taubman, chairman and chief executive officer. "The true earnings power of PJT Partners came into sharper focus with strong financial performance across all dimensions in 2016. As we reflect back on the year, we are pleased with the significant progress we have made as we begin to unlock the full potential of our three businesses. We continue to invest in our company by attracting truly differentiated best-in-class talent to our platform and continue to benefit from the power of integrating and leveraging these highly complementary capabilities to better serve our clients.”