NEW YORK--(BUSINESS WIRE)--
In consideration of the Jefferies Financial Group Inc. (NYSE:JEF) 2018
Investor Meeting scheduled for later today, which will involve Jefferies
engaging with its shareholders, bondholders, clients, analysts and
prospective investors, Jefferies Financial Group is announcing
preliminary results for the three and nine months ended September 30,
2018. Jefferies will release final results on October 25, 2018.
Jefferies estimates that it will report quarterly income before taxes of
$255 - 290 million, and net income attributable to Jefferies Financial
Group common shareholders of $180 – 210 million, or $0.51 – 0.60 per
diluted share, for the third quarter. Jefferies estimates that pre-tax
income, from continuing and discontinued operations, will be $1.38 –
1.42 billion for the nine months ended September 30, 2018, and net
income attributable to Jefferies Financial Group common shareholders is
estimated to be $1.03 - 1.06 billion, or $2.87 – 2.93 per diluted share.
The results for the third quarter include a pre-tax gain of about $220
million recorded as a result of the August closing of the previously
reported sale of our interests in Garcadia and its associated real
estate, partially offset by a $49 million mark-to-market decrease in the
value of our Spectrum Brands investment and an estimated impairment
charge related to our investment in Golden Queen.
Rich Handler, our CEO, and Brian Friedman, our President, said “Our
estimated third quarter results reflect solid performance from Jefferies
Group LLC. In addition, Berkadia, Vitesse, National Beef and Idaho
Timber all continued to perform well this quarter. We look forward to
discussing these and the rest of our businesses later this morning at
our Investor Meeting. We hope you can join us.”
The Jefferies Financial Group Board of Directors has also approved
changing its fiscal year-end. Effective with the fourth quarter of 2018,
the reporting by the consolidated enterprise will be harmonized with
Jefferies Group LLC, with both having a fiscal year-end of November 30.
Jefferies Group LLC will continue to be a separate SEC reporting company.
A copy of the Jefferies Financial Group Investor Meeting presentation
has been filed with the SEC and is available on our website (www.jefferies.com).
* * * *
This press release contains “forward-looking statements” within the
meaning of the safe harbor provisions of Section 27A of the Securities
Act of 1933 and Section 21E of the Securities Exchange Act of 1934.
Forward-looking statements include statements about our future and
statements that are not historical facts. These forward-looking
statements are usually preceded by the words “should,” “expect,”
“intend,” “may,” “will,” or similar expressions. Forward-looking
statements include expectations relating to expected third quarter 2018
results and statements of future performance, plans, and objectives.
Forward-looking statements also include statements pertaining to our
strategies for future development of our businesses and products.
Forward-looking statements represent only our belief regarding future
events, many of which by their nature are inherently uncertain. It is
possible that the actual results may differ, possibly materially, from
the anticipated results indicated in these forward-looking statements.
Information regarding important factors, including Risk Factors that
could cause actual results to differ, perhaps materially, from those in
our forward-looking statements is contained in reports we file with the
SEC. You should read and interpret any forward-looking statement
together with reports we file with the SEC.
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Jefferies Financial Group Inc.
Laura Ulbrandt, (212) 460-1900
Source: Jefferies Financial Group Inc.