Jefferies just announced second quarter results, beatings expectations on both the top and bottom lines. The stock is trading up 2.6 per cent in the pre-market session.Earnings per share came in at $0.28, or $0.31 on a non-GAAP adjusted basis, versus analysts’ expectations of $0.27 per share and $0.36 per share a year ago.
Revenues came in at $711MM versus analysts’ expectations of $682MM and $727M a year ago.
Investment Banking net revenues came in at $297MM, a 9.5 per cent drop from $328MM a year ago.
The compensation to revenue ratio ticked up slightly to 59.6 per cent from 59.4 per cent a year ago.
Jefferies CEO Richard Handler said, “Our results reflect our continued strength in investment banking and the durability of our sales and trading platform despite the challenging market environment that again evolved during the quarter.”
The full release is here.