Jefferies Group Q3 Profit Down

(RTTNews) - Jefferies Group Inc. (JEF) Wednesday reported third-quarter net income of $195 million or $0.78 per share, compared to net income of $407.5 million or $1.50 per share last year.

Adjusted net income was $275 million, or $1.10 per diluted share, after removing $80 million of expense related to a regulatory settlement in the quarter. Analysts polled by Thomson Reuters expected earnings of $0.73 per share for the quarter.

"Our third quarter results reflect the strength and momentum of our Firm, our team, our brand and our market position, despite the challenges of the current market environment. Investment Banking and Equities were very resilient, and we expect we have gained market share in those areas as we continue to support our clients through this volatile time," said CEO Richard Handler.

Revenues for the quarter were $1.52 billion, down 21% from $1.94 billion last year. Analysts had a consensus revenue estimate of $1.36 billion.