Idling after March

19 June 2012 By Antony Currie Follow @AntonyMCurrie

Trading revenue fell less than feared while sales of new debt and stock actually increased. Yet Jefferies, which includes a buoyant March in its earnings, still only managed to eke out a 7 pct return on equity. Larger rivals reporting next month may struggle to match even that.

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Jefferies reported second-quarter net earnings available to common shareholders of $63 million, a 17 percent drop from the first quarter. Excluding charges related to acquisitions, debt amortization and writedowns, Jefferies would have earned $72 million.

Equity underwriting revenue rose 20 percent from the first quarter to $55 million, while debt underwriting jumped 52 percent to $132 million. Equity trading revenue fell 12 percent to $120 million and fixed income trading revenue fell 13 percent to $293 million.

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