Jefferies Group LLC reported net earnings attributable to the company of $87.2 million for the fourth quarter of fiscal 2016, up from $20.0 million in the same quarter last year.

Net revenues for the quarter increased to $741.8 million from $513.1 million in the prior-year quarter. Investment banking revenues for the quarter rose to $415.1 million from $372.9 million in the year-ago period.

Rich Handler, chairman and CEO, and Brian Friedman, chairman of the executive committee, said the results reflect a strong performance in investment banking and core equities business. "Our investment banking results benefited from a record quarter of advisory fees, as well as increasingly active new issue capital markets," they said in a joint statement.

By source, advisory revenues increased to $224.3 million from $210.7 million in the prior-year quarter. Equities and fixed income revenues totaled $325.4 million for the quarter, up from $132.1 million in the year-ago quarter.

For the full fiscal year 2016, Jefferies Group reported net earnings attributable to the company of $15.4 million, compared with $93.5 million in the year ended Nov. 30, 2015. Net revenues for the year were $2.41 billion, compared with $2.48 billion in the previous year.

Fitch Ratings acknowledged that the company posted strong advisory revenues in the quarter but added that the results have no impact on its BBB-/F3 ratings and stable outlook on the company. The ratings reflect the inherently cyclical nature of the company's business, Fitch explained.