Stifel 1Q Profit Off 8 Percent, Misses Street View

NEW YORK (AP) — Shares of Stifel Financial Corp. fell sharply Tuesday after the brokerage posted first-quarter profit down 8 percent from a year earlier, missing Wall Street expectations.

For the three months ended March 31, St. Louis-based Stifel said profit slipped to $13.2 million, or 44 cents per share, compared with $14.3 million, or 54 cents per share, in the year-earlier period.

Revenue rose 2 percent to $222.3 million, from $217.2 million last year.

Analysts polled by Thomson Reuters, on average, expected profit of 47 cents per share on revenue of $216.2 million.

Breaking down revenue, commissions fell 13 percent to $74.6 million, while principal transactions rose 45 percent to $97.3 million. Investment banking revenue declined 29 percent to $15.5 million, and asset management and service fees dropped 18 percent to $24.9 million.

Chairman and Chief Executive Officer Ronald J. Kruszewski said results were hurt by the continuing market turmoil and reduced value of customers' holdings due to market declines.