Leucadia National Corporation (NYSE:LUK) today announced its
financial results for the three and nine month periods ended
September 30, 2016. Income before income taxes and net income
attributable to Leucadia National Corporation common shareholders
were $249.9 million and $154.4 million, or $0.41 per diluted share,
respectively, for the three month period.
Rich Handler, CEO of Leucadia, and Brian Friedman, President of
Leucadia, said: "We are pleased with our overall momentum,
including better results at Jefferies and a record quarter for
National Beef. Jefferies’ net revenues, which were well above the
same period last year and consistent with last quarter, reflect the
continued development and strengthening of the Jefferies team, as
well as solid trading market conditions for much of the quarter.
National Beef has performed strongly, as we have returned to a more
normal operating environment due to the greater availability of
cattle. Our other free-cash generating businesses showed steady
performance during the quarter, while we continued to make progress
in value creation for the remainder of our portfolio.
"Our third quarter 2016 results were impacted by a $55 million
non-cash impairment charge related to decisions at Juneau Energy to
curtail development of its southern acreage in the Eagle Ford and
its Houston County acreage. We continue to believe in the aggregate
upside potential of our investments in Vitesse Energy and Juneau
Energy, and are encouraged by recent developments in the oil and
gas market.
"During the quarter we also completed the previously announced
restructuring of our investment in FXCM, in which we converted our
participation rights to a direct equity interest in the operating
business, modified the loan terms to allow more time to optimize
remaining asset sales, adopted a long-term incentive plan for
senior management, and agreed to shared board oversight. This
affirms our long-term commitment and investment in FXCM, and we are
excited about our prospects for success."
During the third quarter, Leucadia repurchased an additional 0.7
million common shares at an average price of $18.91 per share. 16.8
million shares remain authorized for repurchase.
* * * *
For more information on the Company’s results of operations for
the three and nine months ended September 30, 2016, please see the
Company’s Form 10-Q, 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)
(Unaudited)
For the Three Months Ended September 30, For
the Nine Months Ended September 30, 2016 2015 2016
2015 Net revenues $ 2,676,375 $ 2,366,096 $
7,316,839 $ 8,390,242 Net realized securities
gains $ 60 $ 236 $ 8,202 $ 24,418
Income (loss) from continuing operations before income taxes
and income related to associated companies $ 213,406 $ (296,428 ) $
(21,037 ) $ 220,884 Income related to associated companies
36,503 24,243 108,445 94,501
Income (loss) from continuing operations before income taxes
249,909 (272,185 ) 87,408 315,385 Income tax provision
(benefit) 73,703 (90,273 ) 59,192 107,834
Income (loss) from continuing operations 176,206 (181,912 )
28,216 207,551 Income from discontinued operations,
including gain on disposal, net of taxes — 1,729 —
1,729 Net income (loss) 176,206 (180,183 )
28,216 209,280 Net loss attributable to the noncontrolling
interests 1,870 1,238 3,682 1,828 Net (income) loss
attributable to the redeemable noncontrolling interests (22,702 )
6,788 (40,084 ) 15,931 Preferred stock dividends (1,016 )
(1,016 ) (3,047 ) (3,047 ) Net income (loss) attributable to
Leucadia National Corporation common shareholders $ 154,358
$ (173,173 ) $ (11,233 ) $ 223,992 Basic earnings
(loss) per common share attributable to Leucadia National
Corporation common shareholders: Income (loss) from continuing
operations $ 0.41 $ (0.47 ) $ (0.03 ) $ 0.59 Income from
discontinued operations, including gain on disposal — —
— — Net income (loss) $ 0.41 $ (0.47 )
$ (0.03 ) $ 0.59 Number of shares in calculation
370,404 372,547 371,814 373,181
Diluted earnings (loss) per common share attributable to Leucadia
National Corporation common shareholders: Income (loss) from
continuing operations $ 0.41 $ (0.47 ) $ (0.03 ) $ 0.59 Income from
discontinued operations, including gain on disposal — —
— — Net income (loss) $ 0.41 $ (0.47 )
$ (0.03 ) $ 0.59 Number of shares in calculation
374,567 372,547 371,814 373,187
View source
version on businesswire.com: http://www.businesswire.com/news/home/20161102006723/en/
For Leucadia National Corporation:Laura Ulbrandt,
212-460-1900
Leucadia (NYSE:LUK)
Historical Stock Chart
From Mar 2024 to Apr 2024
Leucadia (NYSE:LUK)
Historical Stock Chart
From Apr 2023 to Apr 2024