Jefferies Financial Group Inc. reported significant financial growth for the three months ended August 31, 2024, with net revenues reaching $1.68 billion, marking a 42.4% increase from $1.18 billion in the same quarter of the previous year. Earnings from continuing operations before income taxes surged to $252.7 million, compared to $91.1 million in the prior year quarter. Net earnings from continuing operations also rose substantially to $174.7 million, up from $53.9 million year-over-year.
The investment banking segment was a key driver of this growth, with net revenues climbing 47.3% to $949.5 million, bolstered by advisory revenues that soared 76.7% to $592.5 million. Equities net revenues increased by 42.3% to $381.4 million, while fixed income net revenues saw a more modest rise of 13.2% to $289.2 million. Additionally, asset management net revenues experienced a significant boost to $59.0 million, up from $10.1 million in the prior year quarter, largely attributed to the consolidation of Stratos and Tessellis.
Despite the revenue growth, compensation and benefits expenses rose to $889.1 million, a 38.0% increase from $644.1 million in the prior year quarter. Total non-interest expenses for the quarter were $1.43 billion, reflecting a 31.1% increase from $1.09 billion in the previous year.
For the nine months ended August 31, 2024, Jefferies reported net revenues of $5.08 billion, a 45.0% increase from $3.50 billion in the prior year period. Earnings from continuing operations before income taxes for this period were $700.7 million, compared to $267.0 million in the previous year. However, net earnings from discontinued operations, including gains on disposal, were $(1.5) million.
As of August 31, 2024, total assets stood at $63.28 billion, reflecting a 9.3% increase from $57.91 billion at November 30, 2023. Long-term debt increased by $3.22 billion to $12.92 billion, primarily due to proceeds from the net issuance of unsecured senior notes. The number of shares outstanding of common stock as of September 30, 2024, was 205,498,605 shares.
About Jefferies Financial Group Inc.
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