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Mar 31, 2022
Oppenheimer Q1 2022 Earnings Report
Net income and revenue decreased due to downturn in equity capital market issuance.
Key Takeaways
Oppenheimer Holdings Inc. reported a decrease in net income and revenue for the first quarter of 2022, primarily due to a significant downturn in equity capital market issuance. Net income decreased by approximately 76.0% to $9.3 million, or $0.75 basic earnings per share, compared to the first quarter of 2021. Revenue for the first quarter of 2022 was $266.0 million, a decrease of 28.7% compared to the same period in 2021.
Client assets under administration and under management were at near record levels at March 31, 2022, and increased from the same period in 2021.
Advisory fees increased from the same period last year due to near record high assets under management.
Book value and tangible book value per share reached record levels at March 31, 2022.
The company repurchased 377,313 shares of Class A non-voting common stock during the first quarter of 2022.
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CapyFin.com Forward Guidance
The company did not provide a formal forward guidance. However, they remain confident in the resiliency of their platform and their ability to provide essential investment services to their clients, despite concerns around inflation, higher oil prices, and the Federal Reserve's monetary policy.