Stifel Financial Corp Earnings Cheat Sheet: Swung to a Profit

Stifel Financial Corporation (NYSE:SF) reported its results for the third quarter. Stifel Financial, through its wholly-owned subsidiaries, is primarily engaged in financial services such as retail brokerage, securities trading, investment banking, investment advisory, retail, and consumer and commercial banking.

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Stifel Financial Earnings Cheat Sheet for the Third Quarter

Results: Reported a profit of $22.3 million (35 cents per diluted share) in the quarter. Stifel Financial Corporation had a net loss of $84.3 million or a loss $1.65 per share in the year earlier quarter.

Revenue: Revenue was $334.2 million last quarter.

Actual vs. Wall St. Expectations: SF fell short of the mean analyst estimate of 41 cents per share. It fell short of the average revenue estimate of $341.8 million.

Quoting Management: “Our third quarter demonstrates the importance of a balanced business model, particularly in a volatile environment. While not immune to the current macroeconomic headwinds, our Global Wealth Management segment generated impressive results, while the dearth of capital markets activity weighed on our investment banking revenues,” commented Ronald J. Kruszewski, Chairman, President and CEO of Stifel Financial. “Our business model and capital base are solid. We need conviction in the marketplace and lower volatility to return to the margins our firm is capable of producing. We remain focused on serving our clients and are well positioned to capitalize on the opportunities ahead.”

Key Stats:

The company has now fallen short of analyst estimates for the last three quarters. It missed the mark by 5 cents in the second quarter and by 9 cents in the first quarter.

Looking Forward: The outlook for the company’s results in the upcoming quarter is unfavorable. The average estimate for the fourth quarter is 55 cents per share, down from 76 cents ninety days ago. The average estimate for the fiscal year is $1.95 per share, down from $2.44 ninety days ago.

Competitors to Watch: Oppenheimer Hldgs. Inc. (NYSE:OPY), Raymond James Financial, Inc. (NYSE:RJF), Siebert Financial Corp. (NASDAQ:SIEB), Ladenburg Thalmann Financial Services (AMEX:LTS), Rodman & Renshaw Capital Group Inc. (NASDAQ:RODM), Morgan Stanley (NYSE:MS), Bank of America (NYSE:BAC), Citigroup (NYSE:C), JP Morgan (NYSE:JPM), TD Ameritrade Holding Corp. (NASDAQ:AMTD), Goldman Sachs Group, Inc. (NYSE:GS), and Knight Capital Group Inc. (NYSE:KCG).

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(Company fundamentals provided by Xignite Financials. Earnings estimates provided by Zacks)

 

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