Jefferies 3Q Earnings Gain, Bolstered by Higher Principal Transactions

Features Reuters

Jefferies Group Inc reported higher profit for its fiscal third quarter on Thursday on better principal transactions revenue.

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The New York-based investment bank posted earnings of $70.2 million, or 31 cents per share, for the quarter ended Aug. 31, up 2.8 percent from $68.3 million, or 30 cents per share, a year earlier.

On an adjusted basis, Jefferies earned 32 cents per share compared with the average analyst estimate of 29 cents per share, according to Thomson Reuters I/B/E/S.

Revenue rose 45.1 percent, largely due to positive income in principal transactions, versus a loss in the trading business a year ago. Jefferies shares were up 19 cents at $15.85 in pre-market trading.