Gleacher & Company Swings To 4th Qtr Loss (GLCH)
New York, New York-based Gleacher & Company, Inc. (Nasdaq: GLCH) released financial results on Friday morning that missed Wall Street estimates.
Gleacher & Company, Inc announced that it swung to an unexpected 4th quarter net loss of $12.4 million, or 10 cents per share, from net income of $9.8 million, or 8 cents per share, a year earlier.
Gleacher & Company, Inc reported revenue of $72 million, down from $81.22 million a year earlier.
According to a poll of analysts by Thomson Reuters, the average Wall Street estimate called for earnings of 3 cents per share, on revenue of $72.8 million.
Chairman Eric Gleacher said, “We are seeing improvements in the market environment generally and our current investment banking backlog reflects a positive shift from the unfavorable market conditions of the recent past. We are confident that we will benefit from the increasingly available opportunities.”
Gleacher & Company, Inc. (GLCH) finished the previous trading day at $2.08 per share. The consensus price target of analysts covering the company's stock is $3.50 per share.
Gleacher & Company, Inc is an independent, full service investment bank that provides corporate and institutional clients with strategic, research-based investment opportunities, capital raising, and financial advisory services, including merger and acquisition, restructuring, recapitalization, and strategic alternative analysis, as well as securities brokerage services, and, through a new subsidiary, engages in residential mortgage lending.
Read more from Benzinga's Company news.
(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.