Piper Jaffray 4Q profit surges |
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Wed, 24 Jan 2007 15:15
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MINNEAPOLIS (AFX) - Investment bank Piper Jaffray Cos. said Wednesday its fourth-quarter profit climbed 26 percent from last year, on strong revenue from providing equity and fixed-income financing, as well as advisory services on mergers and acquisitions.Net income for the quarter was $20.6 million, or $1.15 per share, up from $16.3 million, or 87 cents per share, last year. Revenue for the quarter was $153.1 million, up 20 percent from $127.8 million last year.Analysts polled by Thomson Financial expected the company to post earnings, on average, of 70 cents per share on $127.4 million in revenue.Revenue from equity financing rose 60 percent as Piper Jaffray completed a greater number of transactions. Fixed-income financing revenue increased 14 percent as the company took in more revenue per transaction. The company advised on 10 acquisitions valued at $2.1 billion in the quarter, boosting advisory services revenue by 8 percent.Income from continuing operations for the full year was $235.3 million, or $3.32 per share, up from $40.1 million, or $1.32 per share, last year. Revenue for the year was $535.2 million, up 18 percent from $453.8 million last year.Copyright 2006 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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