- Q2 non-GAAP income (excludes merger-related expenses) of $52.3M or $0.69 per share vs. $55.1M and $0.71 one year ago. Expectations were for $0.58.
- Revenues of $1.27B up 9.8% Y/Y.
- CEO Ronald Kruszewski: "Market environment remains challenged."
- Brokerage revenues of $308.5M down 3.2% Q/Q, up 14.6% Y/Y.
- Investment banking revenues of $133.1M up 32.3% Q/Q, down 17.3% Y/Y. Advisory revenues rose modestly Y/Y, but equity and fixed-income capital raising revenues fell sharply.
- Asset management and service fee revenues of $144.6M flat Q/Q, up 20.5% Y/Y.
- Comp and benefits expense of $460M (includes $50.1M of merger-related expenses) vs. $411.1M in Q1 and $410M a year ago.
- Conference call at 5 ET
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SF flat after hours