Futures, options and securities broker MF Global Holdings Ltd. (MF), Thursday, reported a loss for the third quarter, compared to a profit a year ago, hurt mainly by lower interest rates and narrower spreads as well as the absence of last year's legal settlement gain.
For the third quarter, the company reported a net loss applicable to common shareholders of $22.30 million or $0.18 per share, compared with a net income of $27.87 million or $0.23 per share in the same period last year.
Adjusted earnings for the quarter was $1.4 million or $0.01 per share compared with $30.3 million or $0.17 per share in the same quarter last year.
On average, 12 analysts polled by Thomson Reuters expected the company to earn $0.02 per share for the quarter. Analysts' estimates typically exclude special items.
For the third quarter, total revenues declined to $577.53 million from $696.86 million last year. However, total interest and transaction-based expenses grew to $326.52 million from $274.84 million in the prior-year quarter. Consequently, revenues, net of interest and transaction-based expenses, plunged to $251.00 million from $422.02 million in the same quarter last year. Five analysts expected the company to generate revenues of $263.76 million for the quarter.
"The decline in net revenue was primarily due to lower interest rates and narrower spreads as well as a one-time gain of $62.1 million related to a legal settlement in the same period last year," the company said.
Year-to-date, net loss was $71.14 million or $0.58 per share compared to a net income of $44.49 million or $0.37 in the same period last year. Net revenues for the period was $0.77 billion compared with $1.17 billion in the prior-year period.
Chief Executive Officer, Bernard Dan, said, "--we experienced growth in three of our four revenue streams quarter-over-quarter, driven by solid performance in commodities, foreign exchange and retail. MF Global's ongoing commitment to our strategic initiatives continues to help offset the broader macro challenges of weak volume growth, narrow spreads and lower interest rates."
MF shares closed Wednesday's regular trading at $6.82 on the NYSE.
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