Jefferies Group Q3 Profit Surges

(RTTNews) - Investment banking firm Jefferies Group LLC, a part of diversified holding company Leucadia National Corp (LUK), on Tuesday reported a surge in profit for the third quarter from last year on higher investment banking revenues as well as strong sales and trading business results.

The company's net earnings attributable to common stockholders for the third quarter were $83.56 million, up from $11.74 million in the year-ago period.

Net revenues for the quarter surged 59 percent to $843.31 million from $531.70 million in the prior-year period.

Investment banking revenues increased 51 percent from last year to $467.79 million. Equities revenues increased 14 percent to $171.71 million and fixed income revenues surged more than four-fold to $195.35 million.

Richard Handler, Chairman and Chief Executive Officer, and Brian Friedman, Chairman of the Executive Committee said, "Our third quarter performance was driven by $468 million in Investment Banking net revenues. These record investment banking results reflect solid contributions from equity and debt capital markets, strong performance in our merger and acquisition advisory business, and broad participation across our industry groups and geographies."

JEF closed Monday's trading at $25.76. In Tuesday's pre-market activity, the stock is up $0.13 or 0.50 percent to $26.22.