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Last Update: 20-Dec-11 11:27 ET
Jefferies Up 17% On This Morning's Earnings
Jefferies (JEF $13.74 +1.94) is trading sharply higher today, which is driven by the company's earnings results that were released this morning.
Earlier, the company reported fourth quarter earnings of $0.17 per share, excluding non-recurring items, in-line with the Capital IQ Consensus Estimate consensus of $0.17.
Net revenues, less mandatorily redeemable preferred interest fell 16.4% year/year to $556 million versus the $567.84 million consensus. Net revenues in Investment Banking were $261 million compared to $292 million in prior year.
"We are proud of our 3,851 employee-partners who successfully navigated an extremely challenging fourth quarter that included continuing global volatility compounded by a November filled with a barrage of misinformation about Jefferies. Our firm responded by reducing our total balance sheet by nearly one quarter, decreasing our leverage to 9.9x from 12.9x, maintaining the already high quality of our inventory, and delivering solid profitability," commented Richard B. Handler, Chairman and Chief Executive Officer of Jefferies.
Average firmwide VaR $9.47 million compared to $10.48 million in Q3... Adjusted tangible book value per share is $13.74 compared to $13.18 in Q3... Fixed Income revenues $140 million compared to $33 million in Q3... Equity revenue $27 million compared to $58 million in Q3... Debt revenue $62 million compared to $128 million in Q3... Capital markets revenue $89 million compared to $186 million in Q3... Advisory fees $172 million compared to $107 million in Q3.
Earlier, the company reported fourth quarter earnings of $0.17 per share, excluding non-recurring items, in-line with the Capital IQ Consensus Estimate consensus of $0.17.
Net revenues, less mandatorily redeemable preferred interest fell 16.4% year/year to $556 million versus the $567.84 million consensus. Net revenues in Investment Banking were $261 million compared to $292 million in prior year.
"We are proud of our 3,851 employee-partners who successfully navigated an extremely challenging fourth quarter that included continuing global volatility compounded by a November filled with a barrage of misinformation about Jefferies. Our firm responded by reducing our total balance sheet by nearly one quarter, decreasing our leverage to 9.9x from 12.9x, maintaining the already high quality of our inventory, and delivering solid profitability," commented Richard B. Handler, Chairman and Chief Executive Officer of Jefferies.
Average firmwide VaR $9.47 million compared to $10.48 million in Q3... Adjusted tangible book value per share is $13.74 compared to $13.18 in Q3... Fixed Income revenues $140 million compared to $33 million in Q3... Equity revenue $27 million compared to $58 million in Q3... Debt revenue $62 million compared to $128 million in Q3... Capital markets revenue $89 million compared to $186 million in Q3... Advisory fees $172 million compared to $107 million in Q3.
