Jefferies just announced fiscal Q1 EPS of $0.33.Analysts were looking for $0.29.
Shares are up 4 per cent in premarket trading.
Areas of strength in the recent quarter included investment banking, which jumped 20 per cent to $286 million. Fixed income grew 7 per cent to $339 million.
“These solid results reflect our continued growth in investment banking and strong performance in fixed income,” said CEO Richard Handler. “We believe our firm is unique today in our intense focus on offering an integrated, global capital markets platform to our clients and an entrepreneurial culture to our employee-partners.
Jefferies is considered a bellwether for the rest of the investment banking industry.
Yesterday, Morgan Stanley analyst Betsey Graseck lifted her earnings estimates on Goldman Sachs, Bank of America, JP Morgan, and Citigroup.
“Risk on trade buoys flows and positive marks driving up our 2012 EPS estimates by median 14 per cent,” she wrote.
NOW WATCH: Money & Markets videos
Business Insider Emails & Alerts
Site highlights each day to your inbox.