Jefferies earnings results beat Wall Street expectations

Jefferies Group Inc. swung to a first-quarter profit, beating Wall Street expectations, as the middle-market investment bank reported strong trading revenue growth.
APR 21, 2009
Jefferies Group Inc. swung to a first-quarter profit, beating Wall Street expectations, as the middle-market investment bank reported strong trading revenue growth. Its shares rose almost 15 percent in morning trading. Jefferies on Tuesday said it earned $38.3 million, or 19 cents per share, for the three months ended March 31 versus a loss of $60.5 million, or 45 cents per share, a year ago. Analysts surveyed by Thomson Reuters had forecast a loss of 8 cents per share, on average, in the latest quarter. Revenue jumped 56 percent to $347.3 million from $222.1 million. Analysts had forecast revenue of $287.5 million in the latest quarter. Jefferies' trading business lifted the company's results, as revenue from principal transactions rose to $152.3 million in the latest quarter from just $54,000 in last year's first quarter. Last quarter's figure marked an even sharper turnaround from last year's fourth quarter, when Jefferies posted negative revenue of $56.5 million from principal transactions. Much of the latest quarter's gain came from Jefferies' surging fixed-income and commodities business, which booked $203.3 million in revenue, up from $40.3 million in the year-ago quarter. Last quarter's gain in principal transactions revenue offset a 10 percent decline in commissions revenue to $101.9 million from $113.7 million. Jefferies' investment banking revenue shrank by nearly 63 percent to $37.1 million from $99.2 million in last year's first quarter. Shares of Jefferies rose $2.13, or 14.9 percent, to $16.43 in morning trading. The stock has traded in a 52-week range of $7.97 to $29.00.

Latest News

Advisor moves: Raymond James lands $460M father-son team from Wells Fargo
Advisor moves: Raymond James lands $460M father-son team from Wells Fargo

Elsewhere, LPL recruits a $160M Edward Jones advisor in Alabama as William Blair opens a Dallas office with an ex-UBS wealth team

Schwab CEO says firm is blocking rogue AI agents from client accounts
Schwab CEO says firm is blocking rogue AI agents from client accounts

Rick Wurster says Schwab is shutting out unauthorized logins as agents like Meta's Muse, Instinct and OpenAI's Dots push into consumer finance

Schwab offers $4,800 credit to cover Claude enterprise seat cost for RIAs
Schwab offers $4,800 credit to cover Claude enterprise seat cost for RIAs

Schwab wants RIAs on Claude’s enterprise plan for its security controls, but most of its firms are too small to fill the 20-seat minimum

LPL Financial to miss 90% target on Commonwealth asset retention
LPL Financial to miss 90% target on Commonwealth asset retention

Looks like the LPL doubters were right all along.

RIA M&A ties second-best quarter as PE turns to minority stakes
RIA M&A ties second-best quarter as PE turns to minority stakes

Echelon Partners counted 125 wealth management deals in Q3 2026, with the quarter's biggest deal targets by assets selling minority stakes rather than getting swallowed.

SPONSORED Built on insurance experience to deliver on long-term promises

Knighthead Life entered the market with a competitive MYGA. A strong launch earned advisor confidence and paved the way for FIAs.

SPONSORED In the Age of AI, Trust Becomes the Advisor's Greatest Asset

As AI makes financial information more accessible than ever, Lana Hock explains why human judgment, trust, and empathy remain the qualities clients value most in a financial advisor