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Nov 30, 2023
Jefferies Q4 2023 Earnings Report
Jefferies' Q4 2023 financial results were announced, with a net income of $66 million and revenue of $1.20 billion.
Key Takeaways
Jefferies Financial Group reported Q4 2023 financial results, including net earnings attributable to common shareholders of $66 million, or $0.29 per diluted common share, and net revenues of $1.20 billion. The company's Board of Directors has increased the share buyback authorization back to a total of $250 million.
Net earnings attributable to common shareholders were $66 million, or $0.29 per diluted common share.
Annualized return on adjusted tangible equity was 3.8%.
Net revenues totaled $1.20 billion, with Investment Banking contributing $577 million, Capital Markets $481 million, and Asset Management $155 million.
The Board of Directors increased the share buyback authorization back to a total of $250 million.
Jefferies
Jefferies
Forward Guidance
Jefferies anticipates improved results and will continue to return capital to shareholders through dividends and share repurchases. The firm is well-positioned for future growth, driven by lower-risk Investment Banking revenue and a diversified sales, trading, and research platform.
Positive Outlook
- Expectation of better results over the next several years.
- Commitment to return capital to shareholders through cash dividends and share repurchases.
- Enhanced market position, broader geographic reach, a credit rating upgrade, enhanced human capital, and an even stronger brand achieved in 2023.
- Expanded global talent pool in Investment Banking, Equities, Fixed Income, Research, and Alternative Asset Management.
- Firm better positioned than ever before, with a path to deliver excellent long-term total returns to shareholders.
Challenges Ahead
- Transition year in the economy and capital markets posed challenges.
- Geopolitical turmoil created sadness and uncertainty.
- Pain of transition felt primarily in Investment Banking due to curtailed new capital markets issuance and dampened merger and acquisition activity.
- Uncertainty, turmoil, and volatility impacted performance.
- Results pale in comparison to the period of 2020-21, which represented the height of free money and strong stimulus.