|
|
Change Your Life! |
Earning forecast headed by Lehman Brothers |
|
News |
June 18, 2000
Lehman tops NEW YORK (AP)- Lehman Brothers Holdings' second quarter profits jumped 15 percent as the large U.S. investment bank overcame this spring's downturn in domestic stock markets.
Lehman reported Friday it earned dlrs 378 million, or dlrs 2.78 per share, in the quarter ended May 31, compared to dlrs 330 million, or dlrs 2.09 per share in same period a year ago. Results topped Wall Street analysts forecasts by 29 cents, according to First Call/Thomson Financial.
Sales rose 21 percent to dlrs 1.76 billion from dlrs 1.46 billion a year earlier. Analysts expected investment banks to see growth slow in the quarter because of the downtrodden U.S. stock markets, which have fallen amid concern about interest rates. With investor enthusiasm subdued, investment firms were expected to have lower brokerage commission revenue, trading profits and new stock offerings. But Lehman said it has gained due to its growing sales abroad. For the second quarter, the firm's non-US. activities accounted for about 49 percent of sales.
For the first six months of fiscal 2000, Lehman's profit rose 70 percent to dlrs 919 million, or dlrs 6.46 a share, from dlrs 540 million, or dlrs 3.66 a share, in 1999. Sales in the period leaped 54 percent to dlrs 3.95 billion from dlrs 2.57 billion.
Shares of Lehman rose 87.5 cents to dlrs 90.375 at the end of regular trading Friday on the New York Stock Exchange.
|