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May 31, 2024
Jefferies Q2 2024 Earnings Report
Announced second quarter 2024 financial results and a 16.7% increase in quarterly dividend.
Key Takeaways
Jefferies Financial Group reported net revenues of $1.66 billion for the second quarter of 2024, driven by positive momentum in Investment Banking and solid performance in Capital Markets. Net earnings attributable to common shareholders were $146 million, or $0.64 per diluted common share. The company's Board of Directors increased the quarterly dividend by 16.7% to $0.35 per common share.
Net earnings attributable to common shareholders were $146 million, or $0.64 per diluted common share; pre-tax income was $228 million.
Annualized return on adjusted tangible shareholders' equity was 9.2%.
Net revenues reached $1.66 billion, with $803 million from Investment Banking, $691 million from Capital Markets, and $173 million from Asset Management.
The quarterly cash dividend was increased by 16.7% to $0.35 per Jefferies common share.
Revenue by Segment
Forward Guidance
Jefferies is increasingly optimistic about the second half of 2024 and 2025 based on backlog and trends. The company expects margins to continue to improve as they realize the full potential of investments in the Investment Banking platform. Margins will also benefit from maintaining a strong discipline around expenses and leveraging investments made in technology.
Positive Outlook
- Continued positive momentum in Investment Banking.
- Solid quarter in Capital Markets, with particularly strong performance in Equities.
- Market opportunity improves.
- Investments in platform translates to increased market share.
- Alliance with SMBC continues to gain momentum.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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