Investment banking company Piper Jaffray Companies (PJC) Wednesday reported higher profit for the first quarter mainly on the back of lesser non-interest expenses, particularly compensation and benefits. Earning per share trounced analyst estimates.
For the period, Piper Jaffray posted net income applicable to company of $10.14 million or $0.57 per share versus prior-year net income of $2.92 million or $0.15 per share.
The firm further posted income from continuing operations per share of $0.60 for the period.
Three analysts on average polled by Thomson Reuters estimated earnings per share of $0.50 for the quarter. Analysts estimates typically exclude one-time items.
Net revenue for the quarter amounted to $109.53 million, down from $113.43 million a year earlier. However, total non-interest expense for the three months was $91.36 million, down from $98.21 million for the prior-year period.
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