Stifel Financial (SF) Tops Q2 EPS by 50c, Revenues Beat

Stifel Financial (NYSE: SF) reported Q2 EPS of $1.55, $0.50 better than the analyst estimate of $1.05. Revenue for the quarter came in at $895.8 million versus the consensus estimate of $817.5 million.

• Net revenues of $895.8 million, increased 11.9% with the year-ago quarter, were the Company’s third highest quarterly net revenues.
• Record Institutional Group net revenues and fixed income brokerage revenues.
• Net income available to common shareholders of $103.0 million, or $1.39 per diluted common share.
• Non-GAAP net income available to common shareholders of $115.3 million, or $1.55 per diluted common share.
• Annualized return on average tangible common shareholders’ equity (1) was 20.7%.
• Non-GAAP annualized return on average tangible common shareholders’ equity (1) was 23.2%.

Chairman’s Comments

“The benefits of the investments we have made in our business were again evident in our second quarter results. Net revenue and earnings per share were the third highest in our history. Our Institutional Group had a record quarter led by record fixed income brokerage revenue as well as strong investment banking results primarily from robust capital raising activity in both fixed income and equity. This helped to counter the impact of the market sell off in the first quarter and the zero rate environment had on revenue lines such as asset management and net interest income, respectively. In terms of the future, I remain cautiously optimistic. We enter the third quarter, with a strong and liquid balance sheet, our strongest capital ratios in nearly four years, and a solid and improving recruiting pipeline. While the economic outlook for the second half of the year remains unclear, I believe that the performance of our diversified financial services model will remain strong,” stated Ronald J. Kruszewski, Chairman and Chief Executive Officer of Stifel.

For earnings history and earnings-related data on Stifel Financial (SF) click here.

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