Jefferies

Press Release

FOR IMMEDIATE RELEASE
Jefferies Reports Fiscal First Quarter 2017 Financial Results

NEW YORK– March 21, 2017 -- Jefferies Group LLC today announced financial results for its fiscal first quarter 2017.

Highlights for the three months ended February 28, 2017:

  • Total Net Revenues of $796 million
  • Investment Banking Net Revenues of $408 million
  • Total Equities and Fixed Income Net Revenues of $379 million
  • Earnings Before Income Taxes of $124 million
  • Net Earnings of $114 million

Rich Handler, Chairman and Chief Executive Officer, and Brian Friedman, Chairman of the Executive Committee, commented: "Our first quarter represents the fourth consecutive quarter of improving results. Net revenues, for the last 12 months through February 2017, aggregate to nearly $3 billion and reflect the benchmark level of the firm's capabilities during a stable environment. Our first quarter performance was driven by well-balanced contributions of $408 million from Investment Banking and $379 million from Equities and Fixed Income. Our Investment Banking results reflect an improved Debt Capital markets performance, a solid contribution by Equity Capital Markets and another good quarter for our Advisory activities. The sales and trading environment was reasonably robust for much of the quarter. Fixed Income revenues were $222 million, an increase of 48% versus the fourth quarter of last year and nearly four times greater than the revenues of last year’s challenging first quarter. Equities revenues were a solid $157 million. The tax rate for the quarter was 8% and reflects a $32 million, or 26%, net tax benefit which resulted from the repatriation of earnings, along with their associated foreign tax credits, from certain foreign subsidiaries."

The attached financial tables should be read in conjunction with our Annual Report on Form 10-K for the year ended November 30, 2016. Amounts herein pertaining to February 28, 2017 represent a preliminary estimate as of the date of this earnings release and may be revised in our Quarterly Report on Form 10-Q for the quarter ended February 28, 2017.

This 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 results and performance, including our future market share and expected financial results. It is possible that the actual results may differ materially from the anticipated results indicated in these forward-looking statements. Please refer to our most recent Annual Report on Form 10-K for a discussion of important factors that could cause actual results to differ materially from those projected in these forward-looking statements.

Jefferies, a global, full-service investment banking firm focused on serving clients for over 50 years, is a leader in providing insight, expertise and execution to investors, companies and governments. Our firm provides a full range of investment banking, sales, trading, research and strategy across the spectrum of equities, fixed income and foreign exchange, as well as wealth management, in the Americas, Europe and Asia. Jefferies Group LLC is a wholly-owned subsidiary of Leucadia National Corporation (NYSE: LUK), a diversified holding company.

(click here for the full report)

For further information, please contact:

Peregrine C. Broadbent
Chief Financial Officer
Jefferies Group LLC
(212) 284-2338