Cowen Group (COWN) Tops Q3 EPS by 4c, Revenues Beat

Cowen Group (NASDAQ: COWN) reported Q3 EPS of $0.34, $0.04 better than the analyst estimate of $0.30. Revenue for the quarter came in at $217.1 million versus the consensus estimate of $212.72 million.

Economic Income (Non-GAAP)

• Third quarter 2019 revenue decreased 4% to $217.1 million from $226.2 million in the prior-year period.
• Third quarter 2019 economic income was $5.5 million, or $0.18 per diluted common share, compared to $21.0 million, or $0.68 per diluted common share, in the prior-year period.
• Third quarter 2019 economic operating income was $10.6 million, or $0.34 per diluted common share, compared to $23.9 million, or $0.77 per diluted common share, in the prior-year period.

Management Commentary

Jeffrey M. Solomon, Chairman and Chief Executive Officer of Cowen, said, "The third quarter of 2019 demonstrated the value of increasing diversity in our revenue mix. We were able to generate profitability despite more challenging market conditions for investment banking. We benefited from our scaled markets platform and had solid fund performance at Cowen Investment Management, where we also launched a new sustainability strategy and raised additional committed capital for our private healthcare strategy.”

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

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