JMP Group (JMP) Tops Q4 EPS by 27c, Revenues Beat

JMP Group (NYSE: JMP) reported Q4 EPS of $0.42, $0.27 better than the analyst estimate of $0.15. Revenue for the quarter came in at $53.62 million versus the consensus estimate of $32 million.

“We are very pleased to report record operating earnings for both the fourth quarter and the full year, posting operating EPS of $0.42 and $0.63, respectively,” said Joe Jolson, chairman and CEO of JMP Group. “While all of our business units made positive contributions, JMP Securities earned $0.68 per share on an operating basis, driven by record advisory revenues as well as strong capital markets revenues. We also took affirmative steps toward our stated objectives of monetizing corporate investments and retiring long-term debt. At year end, Harvest Capital Credit Corporation announced its pending sale to Portman Ridge Finance Corporation; and, earlier this month, we redeemed $10 million of our 7.25% senior notes due in 2027. We expect both of these transactions to be accretive to operating EPS. Most importantly, our impressive momentum has continued into 2021, and we are optimistic that a stabilizing U.S. economy could serve as a positive backdrop as the year progresses.”

“We had a terrific year, and we are enthusiastic about our prospects for 2021,“ said Mark Lehmann, CEO of JMP Securities. “At JMP Securities, revenues climbed to a new high, totaling $118.5 million for 2020. Our investment banking revenues were well diversified, with 60% from public equity and debt capital raising and 40% from strategic advisory and private placements. Our M&A business is maturing as we had envisioned when we committed to building out our capabilities several years ago, with senior hires proving productive on our platform and contributing to record annual advisory fees of $40.5 million. From an equity capital markets standpoint, we have a stronger backlog in the technology sector than ever before. At the same time, our life sciences franchise was our biggest contributor to revenues last year, and we hope to build on our momentum in that area in 2021.”

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

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