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Jefferies Results Improve For Fourth Straight Quarter

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Jefferies Results Improve For Fourth Straight Quarter
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Jefferies Group, the global full-service investment banking firm that is a wholly-owned subsidiary of Leucadia National Corp. (NYSE: LUK), reported on Tuesday its first-quarter financial results.

The performance of investment bank and other advisory firms are being closely looked at by some who believe the results could shed light on corporate M&A activity.

The investment bank reported that its revenues for the three month period ending Feb. 28 rose to $795.513 million from $298.987 million in the same quarter a year ago. The quarterly results reported Tuesday represent an improvement on a year-over-year basis, as last year's results were described as an "exceptionally volatile and turbulent" period in which the company saw a "quiet" December and "extremely challenging" January and first few weeks of February.

Jefferies' Q1 2017 revenue also marks an improvement from the $751.769 million it recorded in the quarter ending Nov. 30, 2016.

Recap

Here is a recap of Jefferies' revenue per business unit versus what was recorded in the prior quarter:

  • Commissions and other fees: $145.822 million, down from $157.549 million.
  • Principal transactions: $220.957 million, up from $137.362 million.
  • Investment banking: $408.021 million, down from $415.067 million.
  • Asset management fees: $8.926 million, up from $1.319 million.
  • Interest: $202.023 million, nearly unchanged from $202.002 million.
  • Other: $24.048 million, down from $26.661 million.

"Our Investment Banking results reflect an improved Debt Capital markets performance, a solid contribution by Equity Capital Markets and another good quarter for our Advisory activities," Rich Handler, chairman and CEO, and Brian Friedman, chairman of the executive committee said in the press release. "The sales and trading environment was reasonably robust for much of the quarter."

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Posted-In: investment banks Jefferies GroupEarnings News

 

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