Cohen & Company Q1 revenue more than doubles yr/yr

Cohen & Co

Cohen & Co

COHN

0.00


Overview

  • U.S. capital markets firm's Q1 revenue more than doubled yr/yr but fell from prior quarter

  • Adjusted EPS and net income rose yr/yr but declined from Q4, reflecting lower SPAC activity

  • Company declared a quarterly dividend of $0.25 per share


Outlook

  • Company did not provide specific financial guidance for the current or future periods


Result Drivers

  • INVESTMENT BANKING & CAPITAL MARKETS - Year-on-year revenue growth driven by expansion of client franchise and positive results in investment banking, particularly in digital assets, energy transition, and natural resources, per CEO Lester Brafman

  • SPAC ACTIVITY IMPACT - Prior quarter revenue and profit benefited from a one-time gain related to the ProCap Financial, Inc. business combination, which did not recur in Q1; principal transactions and other revenue turned negative

  • GESTATION REPO BUSINESS - Continued growth in gestation repo business, with book size reaching $3.9 bln at quarter end


Company press release: ID:nGNXcWn2c


Key Details

Metric

Beat/Miss

Actual

Consensus Estimate

Q1 Revenue

$57.90 mln

Q1 Adjusted EPS

$0.65

Q1 EPS

$0.42

Q1 Net Income
attributable to Cohen & Company

$1.49 mln

Q1 Adjusted Pretax Profit

$3.99 mln

Q1 Operating Income

$5.13 mln

Q1 Pretax Profit

$3.27 mln


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