Jefferies Group Q1 Profit Plunges - Quick Facts

(RTTNews) - Jefferies Group LLC, a wholly-owned subsidiary of Leucadia National Corp. (LUK) reported first-quarter net earnings attributable to the group of $11.7 million, compared to $112.4 million in the comparable quarter last year. Earnings before income taxes plunged to $12.9 million, from $182.3 million in the prior-year quarter.

Quarterly net revenues were $591.67 million, compared to $899.03 million in the year-ago period.

Richard B. Handler, Chairman and Chief Executive Officer, and Brian P. Friedman, Chairman of the Executive Committee, commented: "We experienced a slow first quarter due to a tepid fixed income trading market and fewer new issues in leveraged finance capital markets. Despite these results, and in view of an improving environment, we believe Jefferies' prospects for the remainder of 2015 are good. Our Investment Banking backlog is currently solid, and fixed income trading markets appear to have stabilized."