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Jefferies Reports Record Quarterly Net Income

Jefferies Group LLC today announced financial results for its fiscal first quarter 2014.

Highlights for the three months ended February 28, 2014:
  • Net revenues of $899 million
  • Net earnings of $112 million
  • Investment banking net revenues of $414 million
  • Equities net revenues of $189 million
  • Fixed Income net revenues of $286 million

Richard B. Handler, Chairman and Chief Executive Officer of Jefferies, commented: “We are pleased with our strong results for the first quarter, which include record net earnings of $112 million for the period. Our results reflect another strong performance in investment banking, with revenues in excess of $400 million for the second successive quarter, and a solid performance in both equities and fixed income. Our combined equities and FICC revenues were $475 million. Excluding the impact of Knight Capital and Harbinger Group, sales and trading revenues were $488 million, a 19% increase versus the fourth quarter on a comparable basis. Our investment banking business continued to benefit from strong equities and leveraged finance new issues markets. Our holdings of shares of Knight Capital and Harbinger Group were both marked down in the first quarter by $13 million in aggregate, compared to a total mark-up of $110 million in the fourth quarter of last year, the impact of which was recorded in our equities revenues.”

The financial tables attached should be read in connection with our Annual Report on Form 10-K for the year ended November 30, 2013.

Jefferies, the global investment banking firm focused on serving clients for over 50 years, is a leader in providing insight, expertise and execution to investors, companies and governments. The firm provides a full range of investment banking, sales, trading, research and strategy across the spectrum of equities, fixed income, foreign exchange, futures and commodities, as well as wealth management, in the Americas, Europe and Asia. Jefferies Group LLC is a wholly-owned subsidiary of Leucadia National Corporation (NYSE:LUK), a diversified holding company.

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