Adjusted Operating Revenues of $128.6 million: Results led by Commercial Hedging and Global Payments
NEW YORK, May 7, 2014 (GLOBE NEWSWIRE) -- INTL FCStone Inc. (the 'Company') (Nasdaq:INTL), a diversified global financial services organization delivering financial products, advisory and execution services, today announced its financial results for the fiscal year 2014 second quarter ended March 31, 2014. Certain financial metrics discussed in this press release are non-GAAP, reflecting marked-to-market differences in the Company's Physical Commodities segment. A reconciliation of those metrics to GAAP equivalents is provided in the table below, and further discussion of the use of non-GAAP metrics will be provided in the Company's Form 10-Q to be filed with the Securities and Exchange Commission ("SEC").
Sean M. O'Connor, CEO of INTL FCStone Inc., stated, "We produced a stronger set of results this quarter due to good market conditions in our soft commodities business, continued growth in our LME metals business and a return to a more normal market environment in our significant grains business. We saw continued solid growth from our payments business and some modest pricing gains in our clearing activities. Results were partially offset by weaker revenues from securities and continued weak results from our physical commodities activity. The six month results for 2014 and 2013 are not directly comparable due to the nonrecurring gains realized last year on the sale of the LME and Kansas City Board of Trade shares.Beginning with this quarter, we are introducing a refined segment structure that better matches our view of the business, as well as enhanced disclosure around our transactional volumes to assist the investment community in understanding our business and measuring our progress. The data shows solid growth across most of our businesses as we leverage our market leadership across a diverse set of products and client solutions in a generally consolidating industry. Although we are pleased with the improved results, we believe many of our businesses are not yet delivering fully on their potential."
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