JMP Group (JMP) Tops Q2 EPS by 11c, Revenues Beat

JMP Group (NYSE: JMP) reported Q2 EPS of $0.16, $0.11 better than the analyst estimate of $0.05. Revenue for the quarter came in at $44.26 million versus the consensus estimate of $33.1 million.

“We had an excellent quarter, with operating earnings of $0.16 per share, primarily driven by record investment banking revenues, increased net interest income due to the accumulation of loans leading up to CLO V’s June pricing, and a favorable exit from a principal investment,” said Chairman and Chief Executive Officer Joe Jolson. “JMP Securities contributed $0.12 per share to operating results for the second quarter and $0.45 per share for the trailing four quarters, equating to an annualized return on equity of approximately 36% for both periods. Distributable earnings at the publicly traded partnership improved to $0.13 per share and more than covered our cash distributions, thanks to much higher net interest income and better-than-expected credit performance.

“Looking ahead to the second half of the year, we are working hard to close on a record pipeline of M&A and private placement transactions, while simultaneously benefitting from an open ‘window’ for growth-oriented companies to raise capital in the public equity markets. JMP Securities has recently added four senior, M&A-focused investment bankers to its platform, which should increase our already strong momentum in this attractive business over the next few years. If CLO V closes shortly, as anticipated, we will have completed the 18-month cycle of plowing our capital back into our credit business at attractive IRRs.”

For earnings history and earnings-related data on JMP Group (JMP) click here.

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