Jefferies Group, Inc. (NYSE: JEF) reported Q3 revenuea for the quarter came in at $1.09 billion versus the consensus estimate of $1.07 billion.

Rich Handler, Chairman and Chief Executive Officer, and Brian Friedman, Chairman of the Executive Committee, commented: "Our third quarter revenues of $778 million reflect solid performances in Investment Banking, with revenues of $452 million, and in sales and trading where revenues grew to $310 million. The usual summer slow-down appeared to impact activity levels in both the primary and secondary debt markets."

"Our Investment Banking results reflect lower Leverage Finance transaction levels during the period versus the second quarter of this year and the third quarter of last year. Advisory activity levels were also more muted during the period. Equity Capital markets revenues for the quarter were $139 million, an increase of 29% versus the second quarter and 62% versus last year’s third quarter. Compared to this year’s second quarter, we increased our market share and improved our market rankings in both our new issues businesses, as well as our advisory business. Our fourth quarter investment banking backlog is higher than that of any recent periods, and reflects the investments we have made to broaden and deepen our team and capabilities."

"Our Equities Sales and Trading business enjoyed another solid quarter, with revenues of $171 million. We continue to add clients to the platform, particularly in Prime Brokerage and Electronic Trading. Fixed Income Sales and Trading volumes were light during the period, particularly in our international rates business. Fixed Income revenues were $140 million, up 17% from the second quarter, despite lower levels of client engagement. Our Emerging Markets business continued to perform well during the period, despite the challenging environment."

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