Tue, Jul 9, 8:18 PM (104 days ago)
Jefferies Financial Group Inc. reported financial results for the quarter ended May 31, 2024. Key highlights include: 1. **Revenue and Profitability**: Total revenues increased to $2.52 billion from $1.65 billion in the same quarter last year. Net earnings from continuing operations rose significantly to $154.6 million, up from $8.7 million. Net earnings attributable to common shareholders were $145.7 million, compared to $12.4 million in the prior year. 2. **Segment Performance**: Investment Banking revenue surged to $738.6 million, driven by increased advisory and underwriting activities. Principal transactions revenue also grew to $416.2 million. Asset Management fees, however, declined slightly. 3. **Expenses**: Interest expense increased to $859.9 million from $613.6 million. Non-interest expenses rose to $1.43 billion, reflecting higher compensation and benefits, brokerage fees, and business development costs. 4. **Balance Sheet**: Total assets increased to $63.00 billion from $57.91 billion as of November 30, 2023. Cash and cash equivalents rose to $10.84 billion. Financial instruments owned at fair value increased to $22.79 billion. 5. **Capital and Liquidity**: Short-term borrowings increased to $1.63 billion, and long-term debt rose to $12.67 billion. The company's equity also improved, with total shareholders' equity at $9.88 billion. 6. **Future Outlook**: The company remains focused on leveraging its diversified business model and maintaining strong capital and liquidity positions to navigate market uncertainties and capitalize on future opportunities.