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Sep 30, 2022
Oppenheimer Q3 2022 Earnings Report
Reported a decrease in revenue and net income due to adverse arbitration decision, volatile market conditions, and emerging economic headwinds.
Key Takeaways
Oppenheimer Holdings Inc. reported a net income of $4.5 million, or $0.40 earnings per share, a decrease compared to the previous year's $26.3 million, or $2.07 earnings per share. Revenue also decreased by 6.7% to $294.1 million, influenced by market volatility and an adverse arbitration decision.
Results were significantly impacted by an adverse arbitration decision, but the company delivered profitable results.
Wealth Management benefited from higher interest rates, offsetting lower activity and valuations in client portfolios.
Declining valuations negatively impacted advisory fee revenues, and volatile markets led to a slowdown in equity IPOs and secondary offerings.
The Company repurchased 413,052 shares (3%) of its Class A non-voting common stock at an average price of $33.86 per share.
Revenue by Segment
Forward Guidance
No specific forward guidance was provided in the earnings report.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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