Leucadia National Corporation (NYSE: LUK) today announced its
financial results for the three and twelve month periods ended
December 31, 2016. For the three month period, income before income
taxes was $229.0 million and net income attributable to common
shareholders was $137.2 million (tax rate 27%), or $0.37 per
diluted share. For the twelve month period, income before income
taxes was $316.4 million and net income attributable to common
shareholders was $125.9 million (tax rate 39%), or $0.34 per
diluted share.
Rich Handler, CEO of Leucadia, and Brian Friedman, President of
Leucadia, said: "Leucadia’s fourth quarter 2016 results reflect a
solid finish to the year, including better performance at Jefferies
and another quarter of record profits for National Beef. Jefferies
showed strong performance in investment banking, solid performance
from its core equities business, and continuing significant
improvement in fixed income. National Beef benefited from strong
demand and more than ample supply of cattle, which together
resulted in excellent margins throughout the quarter. Jefferies and
National Beef, our two largest businesses, have regained their
stride, and the rest of our businesses are in solid shape and well
positioned as we enter 2017.
"While we continue to focus on the generation of significant
long-term value across our portfolio, we prudently evaluate
opportunities to monetize our portfolio companies. During January
we closed on our previously announced sale of Conwed Plastics to
Schweitzer-Mauduit International, Inc., and recognized a pre-tax
gain of $180 million, which will be included in our 2017
results."
Leucadia's Letter to Shareholders and Form 10-K are available
now on our website at www.leucadia.com.
During the fourth quarter, Leucadia repurchased an additional
1.1 million common shares at an average price of $19.30 per share.
During the full year 2016, Leucadia repurchased a total of 5.4
million common shares at an average price of $17.48 per share. 16.2
million shares remain authorized for repurchase.
In addition, the Company announced today that its Board of
Directors has declared a quarterly cash dividend equal to $.0625
per Leucadia common share payable on March 31, 2017 to record
holders of Leucadia common shares on March 20, 2017.
For more information on the Company’s results of operations for
the three and twelve months ended December 31, 2016, please see the
Company’s Form 10-K, which will be filed with the Securities and
Exchange Commission today.
This press release contains “forward looking statements” within
the meaning of the safe harbor provisions of Section 27A of the
Securities Act of 1933 and Section 21E of the Securities Exchange
Act of 1934. Forward looking statements include statements about
our future and statements that are not historical facts. These
forward looking statements are usually preceded by the words
“should,” “expect,” “intend,” “may,” “will,” or similar
expressions. Forward looking statements may contain expectations
regarding revenues, earnings, operations, and other results, and
may include statements of future performance, plans, and
objectives. Forward looking statements also include statements
pertaining to our strategies for future development of our business
and products. Forward looking statements represent only our belief
regarding future events, many of which by their nature are
inherently uncertain. It is possible that the actual results may
differ, possibly materially, from the anticipated results indicated
in these forward looking statements. Information regarding
important factors, including Risk Factors that could cause actual
results to differ, perhaps materially, from those in our forward
looking statements is contained in reports we file with the SEC.
You should read and interpret any forward looking statement
together with reports we file with the SEC.
SUMMARY FOR LEUCADIA
NATIONAL CORPORATION AND SUBSIDIARIES
(In thousands, except per share
amounts)
For the Three Months EndedDecember 31,
For the Twelve MonthsEnded December
31,
2016 2015 2016 2015 Net revenues
$ 2,745,778 $ 2,496,216 $ 10,062,617 $
10,886,458 Net realized securities gains $ 21,340
$ 38,539 $ 29,542 $ 62,957
Income from continuing operations before
income taxes andincome related to associated companies
$ 182,869 $ 25,371 $ 161,832 $ 246,255 Income related to
associated companies 46,153 15,780 154,598
110,281 Income from continuing operations before
income taxes 229,022 41,151 316,430 356,536 Income tax
provision 62,917 2,113 122,109 109,947
Income from continuing operations 166,105 39,038 194,321
246,589
Income from discontinued operations,
including gain ondisposal, net of taxes
— 3,793 — 5,522 Net income
166,105 42,831 194,321 252,111 Net (income) loss
attributable to the noncontrolling interests (2,256 ) 3,168 1,426
4,996 Net (income) loss attributable to the redeemable
noncontrolling interests (25,662 ) 10,612 (65,746 ) 26,543
Preferred stock dividends (1,016 ) (1,016 ) (4,063 ) (4,063 )
Net income attributable to Leucadia
National Corporationcommon shareholders
$ 137,171 $ 55,595 $ 125,938 $ 279,587
Basic earnings per common share
attributable to LeucadiaNational Corporation common
shareholders:
Income from continuing operations $ 0.37 $ 0.14 $ 0.34 $ 0.73
Income from discontinued operations, including gain on disposal —
0.01 — 0.01 Net income $ 0.37 $
0.15 $ 0.34 $ 0.74 Number of shares in
calculation 369,299 369,840 371,211 372,430
Diluted earnings per common share
attributable toLeucadia National Corporation common
shareholders:
Income from continuing operations $ 0.37 $ 0.14 $ 0.34 $ 0.73
Income from discontinued operations,
including gain ondisposal
— 0.01 — 0.01 Net income $ 0.37
$ 0.15 $ 0.34 $ 0.74 Number of shares
in calculation 374,693 369,840 371,518 372,431
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version on businesswire.com: http://www.businesswire.com/news/home/20170227005628/en/
For Leucadia National CorporationLaura Ulbrandt,
212-460-1900
Leucadia (NYSE:LUK)
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