Jefferies Financial stock slips 3% as Fixed Income, Asset Management revenues fall

Jefferies Financial Group Inc (NYSE:JEF) reported a 3% decline in its stock price following the release of its third quarter earnings, despite the company beating analyst consensus with adjusted earnings per share of $1.08. Revenue for the quarter reached $2.22 billion, slightly above the consensus estimate of $2.20 billion and up 9% year-over-year.

The company achieved record quarterly results in Investment Banking and Equities, with Investment Banking net revenues increasing 17% year-over-year and Equity Underwriting surging 69% year-over-year. However, these gains were partially offset by weaker Fixed Income performance and challenges in Asset Management, where revenues fell 26% to $176.0 million.

CEO Richard Handler and President Brian Friedman attributed the record results to strong performances in their core business areas, while noting the decline in Asset Management revenues as a challenge.

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