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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 $31.7 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 $1.31 per diluted share, compared to a net loss of $2.3 million, or $1.47 per diluted share, in Q2 2024 and a net loss of $0.4 million, or $0.28 per diluted share, in Q3 2023 [4][15]. - Adjusted pre-tax income for Q3 2024 was $7.7 million, or $1.34 per diluted share, compared to an adjusted pre-tax loss of $8.6 million in Q2 2024 and a loss of $8.4 million in Q3 2023 [4][18]. Revenue Breakdown - Net trading revenue was $8.8 million, consistent with the prior quarter and up from $7.5 million in the prior year [2][4]. - Asset management revenue reached $2.1 million, stable compared to the previous quarter and up from $1.8 million year-over-year [2][4]. - New issue and advisory revenue surged to $22.5 million, up from $6.5 million in Q2 2024 and $7.2 million in Q3 2023 [2][4]. Operating Expenses - Compensation and benefits expenses increased to $17.9 million in Q3 2024, up from $10.7 million in Q2 2024 and $15.2 million in Q3 2023 [2][4]. - Total operating expenses for Q3 2024 were $24.5 million, compared to $17.2 million in Q2 2024 and $21.2 million in Q3 2023 [12]. Equity and Dividends - Total equity as of September 30, 2024, was $100.6 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].