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Cohen & Company Reports Third Quarter 2024 Financial Results
COHNen & pany (COHN) GlobeNewswire News Room·2024-11-04 13:15

Core Viewpoint - Cohen & Company Inc. reported strong financial results for Q3 2024, showing significant revenue growth and a return to profitability compared to previous quarters and the same period last year [1][3][4]. Financial Performance - Total revenues for Q3 2024 were 31.7million,asubstantialincreasefrom31.7 million, a substantial increase from 10.8 million in Q2 2024 and 17.1 million in Q3 2023 [2][4]. - Net income attributable to Cohen & Company Inc. was 2.2 million, or 1.31perdilutedshare,comparedtoanetlossof1.31 per diluted share, compared to a net loss of 2.3 million, or 1.47perdilutedshare,inQ22024andanetlossof1.47 per diluted share, in Q2 2024 and a net loss of 0.4 million, or 0.28perdilutedshare,inQ32023[4][15].−Adjustedpre−taxincomeforQ32024was0.28 per diluted share, in Q3 2023 [4][15]. - Adjusted pre-tax income for Q3 2024 was 7.7 million, or 1.34perdilutedshare,comparedtoanadjustedpre−taxlossof1.34 per diluted share, compared to an adjusted pre-tax loss of 8.6 million in Q2 2024 and a loss of 8.4millioninQ32023[4][18].RevenueBreakdown−Nettradingrevenuewas8.4 million in Q3 2023 [4][18]. Revenue Breakdown - Net trading revenue was 8.8 million, consistent with the prior quarter and up from 7.5millionintheprioryear[2][4].−Assetmanagementrevenuereached7.5 million in the prior year [2][4]. - Asset management revenue reached 2.1 million, stable compared to the previous quarter and up from 1.8millionyear−over−year[2][4].−Newissueandadvisoryrevenuesurgedto1.8 million year-over-year [2][4]. - New issue and advisory revenue surged to 22.5 million, up from 6.5millioninQ22024and6.5 million in Q2 2024 and 7.2 million in Q3 2023 [2][4]. Operating Expenses - Compensation and benefits expenses increased to 17.9millioninQ32024,upfrom17.9 million in Q3 2024, up from 10.7 million in Q2 2024 and 15.2millioninQ32023[2][4].−TotaloperatingexpensesforQ32024were15.2 million in Q3 2023 [2][4]. - Total operating expenses for Q3 2024 were 24.5 million, compared to 17.2millioninQ22024and17.2 million in Q2 2024 and 21.2 million in Q3 2023 [12]. Equity and Dividends - Total equity as of September 30, 2024, was 100.6million,anincreasefrom100.6 million, an increase from 91.8 million at the end of 2023 [5][21]. - The Board of Directors declared a quarterly dividend of $0.25 per share, payable on December 5, 2024 [5][6]. Future Outlook - The CEO expressed confidence in the company's future earnings potential and highlighted a robust pipeline for the Capital Markets segment, expecting consistent production through the end of the year [3][4].