Jefferies Financial Group Reports Weak Q2 Earnings – Jefferies Financial Gr (NYSE:JEF)
Jefferies Financial Group Inc JEF are pushing slightly lower after the bell on Tuesday on the heels of the company’s second-quarter financial results.
- Q2 Revenue: $1.04 billion in line with estimates
- Q2 EPS: 5 cents missed estimates of 27 cents
Investment banking revenue was down 26% year-over-year and capital markets revenue was down 30%. The company said challenges during the quarter included the regional banking crisis, the forced merger of Credit Suisse and UBS and the process of extending the U.S. debt ceiling.
Jefferies CEO Richard Handler and president Brian Friedman said, “We believe our second quarter results reflect a cyclically low period and a particularly challenging environment.”
“The month of June has brought green shoots in our investment banking and capital markets business and we are growing increasingly optimistic about the return to a more normal environment.”
Jefferies declared a quarterly cash dividend equal to 30 cents per common share, payable on Aug. 25 to shareholders as of Aug. 14. The company also increased its share buyback authorization to $250 million.
See Also: UBS Plans Major Layoffs Following Credit Suisse Acquisition: Report
JEF Price Action: Jefferies shares were down 0.8% after hours at $31.68 at the time of writing, per Benzinga Pro.
Photo: Lorenzo Cafaro from Pixabay.
