Company says favorable market conditions are supporting core business momentum
Oppenheimer Holdings expects continued momentum in Wealth Management and Capital Markets
Company says strong balance sheet positions it to invest in platform and talent
Overview
US investment bank's Q2 revenue rose 21.9% yr/yr, driven by investment banking and advisory fees
Adjusted EPS and net income rose, but reported results were impacted by higher compensation expenses
Company saw record assets under management, but compensation expenses rose due to stock price gains
Key details
Metric
Beat/Miss
Actual
Consensus Estimate
Q2 Revenue
$454.88 mln
Q2 Adjusted EPS
$3.98
Q2 EPS
$2.38
Q2 Net Income
$27.35 mln
Result drivers
Investment banking & advisory fees - Co said revenue growth was driven by stronger investment banking performance, especially advisory fees and increased transaction-based commissions
Higher compensation expenses - Reported results were negatively impacted by higher compensation expense related to stock appreciation rights for financial advisors due to share price gains
Record assets under management - Co said rising equity markets drove AUM and assets under administration to record levels, supporting higher advisory fees
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