Cowen Group (COWN) Tops Q3 EPS by 1c, Revenues Miss

Cowen Group (NASDAQ: COWN) reported Q3 EPS of $0.74, $0.01 better than the analyst estimate of $0.73. Revenue for the quarter came in at $226.2 million versus the consensus estimate of $227.27 million.

Economic Income (Non-GAAP)

• Revenue increased 24% year over year to $226.2 million compared to $182.6 million in the prior year period.
• Economic Income increased to $22.7 million or $0.74 per diluted share compared to Economic Income of $8.3 million or $0.26 per diluted share in the prior year period.
• Economic Operating Income, which represents Economic Income before depreciation and amortization, was $25.6 million, a 126% increase from the prior year period of $11.3 million.

Jeffrey M. Solomon, Chief Executive Officer of Cowen, said, "Our strong third quarter results reflect the meaningful progress we continue to make on achieving our long term performance goals. Economic operating income was driven by strong performance in our investment banking and market divisions as those businesses continued to scale and diversify. Looking ahead, we will continue to position the Cowen platform around our core competencies in order to drive growth and profitability on a consistent basis."

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

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