en & pany (COHN) - 2024 Q3 - Quarterly Results

Financial Performance - Net income attributable to Cohen & Company Inc. was $2.2 million, or$1.31 per diluted share, for Q3 2024, compared to a net loss of $2.3 million, or$1.47 per diluted share, for Q2 2024[4]. - Total revenues for Q3 2024 were $31.7 million, up from$10.8 million in the prior quarter and $17.1 million in the prior year quarter[5]. - New issue and advisory revenue was$22.5 million for Q3 2024, an increase of $16.0 million from the prior quarter and$15.2 million from the prior year quarter[6]. - Adjusted pre-tax income was $7.7 million for Q3 2024, compared to an adjusted pre-tax loss of$8.6 million for Q2 2024[4]. - Total revenues for the three months ended September 30, 2024, were $31.695 million, a significant increase from$17.121 million for the same period in 2023, representing an 84.9% year-over-year growth[19]. - Net income attributable to Cohen & Company Inc. for the three months ended September 30, 2024, was $2.150 million, compared to a net loss of$2.349 million for the same period in 2023[20]. - Adjusted pre-tax income for the three months ended September 30, 2024, was $7.738 million, a recovery from an adjusted loss of$8.582 million in the same quarter of the previous year[21]. - The company reported a basic earnings per share of $1.32 for the three months ended September 30, 2024, compared to a loss per share of$1.45 for the same period in 2023[20]. Operating Expenses - Compensation and benefits expense increased by $7.2 million from the prior quarter to$17.9 million in Q3 2024[8]. - Total operating expenses for the three months ended September 30, 2024, were $24.473 million, up from$21.225 million in the same quarter of 2023, reflecting a 10.6% increase[19]. Assets and Equity - As of September 30, 2024, total equity was $100.6 million, up from$91.8 million as of December 31, 2023[13]. - Total assets increased to $818,011,000 as of September 30, 2024, up from$772,761,000 on December 31, 2023, representing a growth of approximately 5.9%[24]. - Total stockholders' equity rose to $100,625,000, compared to$91,797,000, indicating an increase of about 9.9%[24]. Cash and Liabilities - Cash and cash equivalents rose to $14,290,000, compared to$10,650,000, marking an increase of about 34.5%[24]. - Total liabilities increased to $717,386,000, up from$680,964,000, reflecting a rise of approximately 5.3%[24]. - Payables to brokers, dealers, and clearing agencies decreased significantly to $53,674,000 from$111,085,000, a reduction of about 51.7%[24]. - Securities sold under agreements to repurchase increased to $545,993,000 from$408,203,000, an increase of approximately 33.8%[24]. Revenue Streams - Net trading revenue was $8.8 million for Q3 2024, comparable to the prior quarter and up$1.3 million from the prior year quarter[5]. - The company experienced a net trading revenue of $8.816 million for the three months ended September 30, 2024, slightly up from$7.491 million in the same period last year[19]. - Asset management revenue increased to $2.147 million for the three months ended September 30, 2024, compared to$1.788 million for the same period in 2023, marking a 20.1% increase[19]. - The company’s principal transactions and other revenue showed a loss of $1.727 million for the three months ended September 30, 2024, an improvement from a loss of$6.578 million in the same quarter of 2023[19]. Dividends and Future Outlook - The Company declared a quarterly dividend of $0.25 per share, payable on December 5, 2024[14]. - The company anticipates continued fluctuations in revenue and operating results due to the nature of its business, suggesting that annual results may be the most meaningful gauge for investors[18]. Other Financial Metrics - Loss from equity method affiliates was$0.7 million for Q3 2024, compared to a loss of $6.0 million in the prior quarter[10]. - The Company managed approximately$2.4 billion in primarily fixed income assets as of September 30, 2024[16]. - The investment in equity method affiliates increased to $26,153,000 from$14,241,000, a growth of approximately 83.9%[24]. - Adjusted pre-tax income (loss) is presented as a useful measure of performance, excluding certain GAAP calculations[27]. - The company reported an increase in accumulated other comprehensive loss to $(948,000) from$(944,000)[24]. - The company continues to evaluate performance using adjusted pre-tax income (loss) and related per diluted share amounts[28].