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Piper Jaffray

(PJC) - Get Piper Jaffray Companies Report

said third-quarter net income fell 24% but came in higher than analysts' estimates as revenue in advisory services and municipal financing was strong.

The investment bank said Wednesday it would restructure its European operations and reduce headcount in its capital markets segment.

The third quarter included a charge of $1.1 million, or 6 cents a share, from the restructuring. Piper Jaffray expects to record additional restructuring charges of $7.5 million to $9 million in the fourth quarter.

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Piper Jaffray reported third-quarter earnings of $7.1 million, or 36 cents a share, down from year-earlier net income of $9.3 million, or 47 cents. Net revenue was $116.5 million, down from $119.7 million a year earlier.

Analysts, on average, expected Piper Jaffray to earn 27 cents a share in the quarter on revenue of $112.9 million, according to Thomson Reuters.

-- Written by Joseph Woelfel

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Joseph Woelfel

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