Stifel’s stock drops after big miss on Q3 earnings estimate partly due to non-recurring legal accruals

Stifel Financial Corp.’s stock SFL, +0.55% dropped 5% in premarket trading on Wednesday after the investment bank and financial services company’s third-quarter earnings of 60 cents a share missed the FactSet consensus estimate of $1.29 a share. Stifel also had non-recurring legal costs of 58 cents a share related to the industry review by the U.S. Securities and Exchange Commission of off-channel communications.

Adding that cost back into its earnings would have brought the figure up to $1.18 a share. Revenue of $1.05 billion fell short of the analyst forecast of $1.07 billion. Stifel Chief Executive Ronald J. Kruszewski said the company’s results were solid despite challenging market conditions. “Although the near-term environment remains uncertain, we remain well positioned to generate stable returns and strong growth as the market improves,” he said.

Belgique Dernières Nouvelles, Belgique Actualités

Similar News:Vous pouvez également lire des articles d'actualité similaires à celui-ci que nous avons collectés auprès d'autres sources d'information.

RTX stock rallies after adjusted earnings beat Wall Street estimateSteve Gelsi covers banking and cannabis as a Senior Reporter for MarketWatch.
La source: MarketWatch - 🏆 3. / 97 Lire la suite »

Vertiv stock rallies as data company beats profit expectation and hikes viewSteve Gelsi covers banking and cannabis as a Senior Reporter for MarketWatch.
La source: MarketWatch - 🏆 3. / 97 Lire la suite »