Investment banking firm Piper Jaffray Companies (PJC) Wednesday reported higher profit for the first quarter, helped by lower expenses, but revenue declined from last year. The stock is down 5 percent in pre-market activity.
Net income attributable to common shareholders surged to $8.97 million from last year's $2.48 million. Earnings per share increased to $0.57 from $0.15.
Income from continuing operations increased to $0.60 per share from $0.33 per share. On average, three analysts polled by Thomson Reuters estimated earnings per share of $0.50 for the quarter. Analysts estimates typically exclude one-time items.
Net revenue fell 3.4 percent to $109.53 million from $113.43 million a year earlier. Analysts expected revenues of $113.20 million. In the Capital Markets segment, revenue fell 6 percent to $91.2 million, while Asset Management revenues advanced 10 percent to $18.3 million amid higher management fees from increased assets under management due to market appreciation.
Total investment banking revenues declined 16.1 percent to $40.89 million with sharp declines in equities financing and advisory services.
Total institutional sales and trading revenues edged down 1.3 percent to $48.78 million. Revenue from both equities and fixed income fell in the quarter.
Non-interest expenses fell 7 percent to $91.37 million, while income tax expense decreased nearly 26 percent to $5.6 million.
The stock, which closed at $32.62 on Tuesday, is losing 5 percent in pre-market activity.
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