Lehman (LEH) Reports Massive $5.14/Sh Q2 Loss; To Raise $6 Billion
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Lehman Brothers (NYSE: LEH) reports a Q2 loss of $5.15, versus the consensus of a $0.22 loss. The company expects to report net revenues of a negative $0.7 billion, versus the consensus of $2.61 billion.
Lehman also announced plans to raise $6 billion in capital through common stock and Non-Cumulative Mandatory Convertible Preferred stock.
Chairman and Chief Executive Officer Richard S. Fuld, Jr. said, "I am very disappointed in this quarter's results. Notwithstanding the solid underlying performance of our client franchise, we had our first-ever quarterly loss as a public company. However, with our strengthened balance sheet and the improvement in the financial markets since March, we are well-positioned to serve our clients and execute our strategy."
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