Jefferies Group's 2Q Results: Postgame Scorecard
For the second quarter, Jefferies Group (NYSE:JEF) saw a decline in net income.
Earnings and Revenue The company experienced stronger-than-expected EPS and revenues. The company reported adjusted net income of 31 cents a share versus the 29 cents a share estimate and revenues of $946.1 million versus the $681.3 million estimate.
The company's net income for the quarter was $63.5 million. This is a 21.2% decline from last year. Revenue fell 2.5% from $970.1 million in the same period last year.
Company Fundamental Trends Last quarter marks the third in a row in which the company's net income has fallen. Profits declined 11.7% in the first quarter and 17.8% in the fourth quarter of the last fiscal year.
History Against Expectations The company has now topped analyst estimates for the last three quarters.
Official Comment: "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," commented Richard B. Handler, Chairman and Chief Executive Officer of Jefferies. "We believe Jefferies 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."
Estimates provided by Zacks Investment Research and company fundamentals from Xignite Financials.