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Jefferies Financial Group reports net income of $195.5M for fiscal Q4'19

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Jefferies Financial Group reports net income of $195.5M for fiscal Q4'19

Jefferies Financial Group Inc. reported net income attributable to common shareholders of $195.5 million, or 62 cents per share, for the fiscal quarter ended Nov. 30, 2019. For the two months ended Nov. 30, 2018, the company recorded a net loss attributable to common shareholders of $20.4 million, or 6 cents per share.

Results for the fiscal fourth quarter of 2019 primarily reflect the $205 million pretax gain from the sale of the company's remaining 31% interest in National Beef Packing Company LLC, partially offset by a noncash fair value reduction of $69 million to its investment in The We Co., according to a news release.

Jefferies Financial Group's net revenues for the quarter ended Nov. 30, 2019, amounted to $1.11 billion. Net revenues for the two months ended Nov. 30, 2018, were $806.6 million.

For the 12 months ended Nov. 30, 2019, Jefferies Financial Group reported net income attributable to common shareholders of $959.6 million, or $3.03 per share, including the impact of a nonrecurring tax benefit of $544.6 million. The adjusted net income is $415.0 million, or $1.32 per share.

The company recorded net income attributable to common shareholders of $1.02 billion, or $2.90 per share, for the 11 months ended Nov. 30, 2018.

As previously disclosed, Jefferies Financial Group in 2018 changed its fiscal year end from Dec. 31 to Nov. 30, the same as Jefferies Group LLC, its largest subsidiary, and thereby eliminated the financial reporting lag for Jefferies Group.