KEY TAKEAWAYS
- Shares of Jefferies Monetary Group fell Thursday, a day after the monetary providers agency posted worse-than-expected revenue amid “uncertainty associated to U.S. coverage and geopolitical occasions.”
- Jefferies CEO Richard Handler and President Brian Friedman stated that there was a pickup in exercise towards the tip of the quarter.
- Jefferies shares, which slipped greater than 2% Thursday morning, have misplaced 30% of their worth this 12 months.
Shares of Jefferies Monetary Group (JEF) slipped Thursday, a day after the monetary providers agency posted worse-than-expected revenue amid what executives stated was “uncertainty associated to U.S. coverage and geopolitical occasions.”
The funding financial institution posted second-quarter earnings per share (EPS) of $0.40, under the $0.44 consensus forecast of analysts polled by Seen Alpha.
Income of $1.63 billion topped estimates, with advisory income hovering 61% year-over-year to $457.9 million on a rise in M&A exercise and market share positive factors, however fairness underwriting income dropped 51% to $122.4 million.
“Internet revenues of $1.63 billion for the second quarter replicate a resilient full-service funding banking and capital markets enterprise towards a backdrop of serious uncertainty associated to U.S. coverage and geopolitical occasions which meaningfully slowed exercise ranges for the primary two months of the quarter,” Jefferies CEO Richard Handler and President Brian Friedman stated.
Nevertheless, Handler and Friedman added there was a pickup in exercise towards the tip of the quarter. “In Might, some readability got here to the financial system and markets, which started to revive investor confidence, and we skilled a noticeable improve in momentum,” they stated.
Jefferies shares, which slipped greater than 2% Thursday morning, have misplaced 30% of their worth this 12 months.
