Stifel Financial (NYSE: SF) reported Q1 EPS of $1.20, $0.17 worse than the analyst estimate of $1.37. Revenue for the quarter came in at $913 million versus the consensus estimate of $845.96 million.

“Given the impact of the current healthcare crisis on the economy and our daily lives, I’d like to say how proud I am of my Stifel partners and associates who have shown resolve, creativity, and teamwork to achieve the dual objectives of promoting the safety of our people while delivering essential and exceptional service to our clients. Our results in the first quarter illustrate the value of our diversified business as we generated our second highest quarterly revenue despite the sudden and dramatic change in the economy following the COVID -19 outbreak. Record Global Wealth Management revenue and our second strongest quarter for our Institutional Group was driven by record brokerage revenue as well as strong investment banking, net interest income and fee-based revenue. Given the operating conditions in the quarter, I believe that our brokerage results deserve special praise. In a matter of days, and with a focus on employee safety, we rapidly deployed our business continuity plan that resulted in more than 90% of our employees working remotely and enabled our Institutional Group to go from eight primary trading desks to more than 180 separate trading locations. This underscores the value of the investments we have made over the years in both people and technology,” stated Ronald J. Kruszewski, Chairman and Chief Executive Officer of Stifel.

Mr. Kruszewski continued, “The next few months have a high level of uncertainty, which can drive a wide range of economic outcomes. Longer term, we believe the world and our economy will overcome this pandemic. Looking forward, Stifel is well positioned because of its diversified business model, solid and liquid balance sheet, and our associates’ commitment to excellence.”

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