NEW YORK – Jefferies Monetary Group Inc. (NYSE:JEF) reported third-quarter earnings and income that fell in need of analyst expectations, sending shares down 0.76% in after-hours buying and selling.
The funding financial institution posted internet earnings of $167 million, or $0.75 per diluted share, for the quarter ended August 31, 2024. This missed the analyst consensus estimate of $0.77 per share. Income got here in at $1.68 billion, beneath the $1.74 billion analysts have been anticipating.
Regardless of the miss, Jefferies noticed sturdy efficiency in its Funding Banking phase. Funding Banking internet revenues surged 47% year-over-year to $949 million, pushed by document quarterly advisory revenues of $592 million.
“Our Funding Banking internet revenues of $949 million have been up 18.2% from the prior quarter and 47.3% from the identical quarter final yr, pushed by a rise in advisory exercise attributable to market share positive aspects reflecting the early advantages of the investments we’ve got made in our platform over the previous few years, in addition to bettering market situations,” stated CEO Richard Handler and President Brian Friedman in a joint assertion.
Capital Markets internet revenues declined 3% sequentially to $671 million, however have been up 28.1% in comparison with the identical quarter final yr. The corporate cited stable general market situations and power throughout its diversified Equities and Mounted Earnings companies.
For the total fiscal yr, Jefferies has generated internet earnings of $463 million, or $2.06 per diluted share, on revenues of $5.08 billion.
The corporate’s board declared a quarterly money dividend of $0.35 per share, payable on November 27, 2024 to shareholders of document as of November 18, 2024.
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