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May 11, 2015 at 02:15 PM
Stifel Financial (SF) said late Monday that it had first-quarter net income of $43.1 million, or $0.56 per share, down 9% compared with net income of $47.4 million, or $0.63 per share, last year. Its non-GAAP earnings, which excluded acquisition expenses, were $49.9 million, or $0.65 a share, down 3% from the year-ago period.
These results missed analysts’ estimates of $0.73. Revenues of $561 million for Q1’15 were up 3% year over year, but fell short of estimates of close to $591 million.
“We are pleased with our first-quarter results, which represent our third-best revenue quarter. That said, while investment banking was a good quarter, results can and will be lumpy. Furthermore, we have incurred additional operating expenses relating to the build-out of our infrastructure,” said Chairman & CEO Ronald J. Kruszewski, in a statement.
“Looking forward, we are optimistic about the continued growth in our business. In today’s environment, we see ample opportunities to continue to build the premier investment banking and wealth management firm,” Kruszewski said.
