Leucadia’s Q1 Earnings, Revenues Push Higher, Paring Previous Losses

Leucadia's revenues rose for its fourth straight quarter, with net income completely erasing previous Q1 losses.

US holding company Leucadia National Corporation (NYSE: LUK) has reported its latest financials for the period of Q1 2017 – the group saw an good performance across key metrics and segments for the three months ending March 31, 2017, according to a regulatory filing.

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Leucadia reported revenues of $2.87 billion in Q1 2017, good for a rise of 42.1 percent year over year from $2.02 billion in Q1 2016. This is the fourth straight quarter in which the group saw this figure climb higher. A few notable drivers of Leucadia’s revenues during Q1 were fueled by the equities and fixed income space.

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Looking at its net income, Leucadia completely pared what had been a loss in the year prior, scoring a figure of $293.9 million in Q1 2017. This managed to erase a figure of $218.6 million in Q1 2016. Furthermore, the group’s total earnings per share (EPS) also pivoted into positive territory in Q1 2017.

The latest figures showed an EPS per diluted share of $0.75 in Q1 2017 , relative to -$0.60 one year ago in Q1 2016. According to Rich Handler, CEO of Leucadia, and Brian Friedman, President of Leucadia, in a statement on the earnings: “We are pleased with yet another quarter of strong performance across Leucadia. Jefferies’ first quarter represents the fourth straight quarter of improved results. Jefferies’ recorded net revenues for the twelve months ended February 28, 2017 aggregate to nearly $3 billion and reflect the benchmark level of our capabilities during a stable environment.”

“First quarter performance was driven by well-balanced contributions of $408 million from Investment Banking and $380 million from Equities and Fixed Income, reflecting improved debt capital markets performance, a solid contribution by equity capital markets, a good quarter for advisory activities and a sales and trading environment that was reasonably robust for much of the quarter,” he added.

During Q1 2017 Leucadia also sought to stabilize a deteriorating situation with FXCM, following its crackdown in the US market. The group took action during the quarter, putting two of its executives on the board of Fastmatch, where FXCM executives Drew Niv and William Ahdout were holding seats.

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