Jefferies Posts Q1 Loss On Tax Charge

(RTTNews) - Jefferies Group LLC reported a first-quarter net loss company of $60.8 million compared to profit of $114.0 million, prior year. The company incurred a provisional tax charge of $164 million during the quarter as a result of the enactment of the Tax Cuts and Jobs Act. The company said, without the charge, it would have reported adjusted net earnings of $103 million, for the quarter. First-quarter net revenues increased to $821.3 million from $795.5 million, prior year.

Rich Handler, CEO, and Brian Friedman, Chairman of the Executive Committee, said: "Our first quarter results reflect continued strong performances in Investment Banking, with net revenues of $434 million, and solid performance in both Equities and Fixed Income, with total revenues of $369 million. Fixed Income revenues were a strong $213 million and relatively consistent across the quarter. Our Equities revenues were $156 million. Our pre-tax income for the first quarter was $123 million."

Jefferies Group LLC is a wholly-owned subsidiary of Leucadia National Corporation (LUK), a diversified holding company.