JMP Group (JMP) Misses Q3 EPS by 4c, Revenues Miss

JMP Group (NYSE: JMP) reported Q3 EPS of $0.08, $0.04 worse than the analyst estimate of $0.12. Revenue for the quarter came in at $33.26 million versus the consensus estimate of $38 million.

“We had a fairly normal third quarter, with operating EPS of $0.08, versus $0.10 a year ago,” said Chairman and Chief Executive Officer Joe Jolson. “JMP Securities contributed $0.09 per share, compared to a record $0.13 for the third quarter in 2017. Through September of this year, JMP Securities’ operating earnings per share were $0.29, versus $0.19 for the first nine months of 2017, driven by record investment banking revenues that rose 28%.

“Asset management fee income and investment income combined to contribute $0.10 of operating EPS, up 40% from the third quarter of 2017, due to the closing of JMP Credit Advisors CLO V in late July. Investment income covered our fixed corporate costs for the second consecutive quarter, and earnings of $0.11 per share at the publicly traded partnership more than covered our third-quarter cash distributions of $0.09 per share.

“Despite recently increased market volatility, the fourth quarter is off to a reasonable start at JMP Securities; and, with our capital now redeployed in our CLO strategy, our investment income should be more stable going forward, subject to the lumpiness of credit losses in any one quarter.”

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

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