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Sep 30, 2020
Oppenheimer Q3 2020 Earnings Report
Reported strong Q3 2020 earnings with increased revenue and net income.
Key Takeaways
Oppenheimer Holdings Inc. reported a significant increase in net income and revenue for Q3 2020, driven by strong performance in capital markets and solid returns in wealth management. Net income increased to $15.6 million, or $1.25 basic earnings per share, compared to $3.9 million, or $0.31 basic earnings per share, for Q3 2019. Revenue rose to $276.3 million from $234.8 million in the same period last year.
Revenue increased by 17.7% due to higher underwriting revenue, M&A fees, and equities sales and trading activity.
Capital Markets business outperformed with a record revenue quarter, driven by investment banking.
Wealth Management business produced solid operating returns, benefiting from increased commission activity and higher fee income from assets under management.
The Firm refinanced its long-term debt, leading to annual interest cost savings of $3.3 million.
Revenue by Segment
Forward Guidance
The company anticipates that a large number of our employees will continue to work remotely for the indefinite future.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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