Stifel Financial (NYSE: SF) reported Q1 EPS of $1.15, $0.07 better than the analyst estimate of $1.08. Revenue for the quarter came in at $750.4 million versus the consensus estimate of $734.82 million.

• Net revenues of $750.4 million, increased 11% compared with the year-ago quarter.
• Record net revenues and pre-tax operating income in Global Wealth Management.
• Net income available to common shareholders of $86.4 million, or $1.06 per diluted common share.
• Non-GAAP net income available to common shareholders of $93.8 million, or $1.15 per diluted common share.
• Record client assets of $274.7 billion, increased 9% compared with the year-ago quarter and 1% sequentially.
• Completed the acquisition of Ziegler Wealth Management.
• Repurchased approximately $2.8 million of the Company’s common stock during the first quarter of 2018.
• Increase in quarterly dividend by 20% to $0.12 per common share during the first quarter of 2018.

Chairman’s Comments

“Our first quarter revenue represented the strongest first quarter performance in Stifel’s history, as net revenue of $750 million increased by 11% from the same quarter a year ago. We continue to benefit from growth in recurring revenues, which represented 41% of total revenue in the first quarter, as bank revenue and asset management & service fee revenue were both quarterly records. We also generated 39% growth in investment banking revenue as our advisory revenue nearly doubled and equity underwriting revenue was up nearly 50% from the first quarter of 2017. As a result of our revenue growth and focus on expense management, our non-GAAP pre-tax margins improved to 17.3% from 14.9% a year ago. We continue to have a positive outlook for our business as economic growth continues to accelerate and the operating environment remains solid despite increased volatility. Given the increased diversity of our business model, we believe Stifel remains well positioned for continued growth,” stated Ronald J. Kruszewski, Chairman & CEO of Stifel.

For earnings history and earnings-related data on Stifel Financial (SF) click here.