Q2 2024 Cohen & Company Inc Earnings Call Transcript
Key Points
- Cohen & Co Inc (COHN) generated $6.4 million in advisory revenues and acted as lead book runner for two SPAC IPOs, showcasing strong performance in its investment banking operations.
- The company has grown its Cohen & Co Inc Capital Markets (CCM) team to 24 professionals and plans to continue expanding, indicating a commitment to growth and talent acquisition.
- Cohen & Co Inc (COHN) improved its adjusted pretax loss by $10.4 million year-to-date compared to 2023, reflecting better financial management.
- The company remains confident in its future earnings potential and is focused on enhancing long-term value for stockholders, including maintaining its quarterly dividend.
- Net trading revenue increased by $1.4 million compared to the second quarter of 2023, indicating positive momentum in trading activities.
- Cohen & Co Inc (COHN) reported a net loss of $2.3 million for the quarter, a significant decline from the net income of $2 million in the prior quarter.
- The company's adjusted pretax loss was $8.6 million for the quarter, a reversal from the adjusted pretax income of $7.7 million in the previous quarter.
- New issue and advisory revenue decreased by $17.9 million from the first quarter, highlighting volatility and dependency on a limited number of engagements.
- Principal transactions and other revenue were negative $6.6 million, primarily due to unfavorable mark-to-market adjustments on principal investments related to SPACs.
- Equity value post-business combination SPACs continued to decline, negatively impacting the value of founder shares and investment banking considerations received.
Good morning, ladies and gentlemen, and welcome to Cohen & Company's second quarter 2024 earnings call. My name is Diego, and I will be your operator for today.
Before we begin, Cohen & Company would like to remind everyone that some of the statements the company makes during this call may contain forward-looking statements under applicable securities laws. These statements may involve risks and uncertainties that could cause the company's actual results to differ materially from the results discussed in such forward-looking statements.
The forward-looking statements made during this call are made only as of the date of this call, and the company undertakes no obligation to update such statements to reflect subsequent events or circumstances. Cohen & Company advises you to read the cautionary note regarding forward-looking statements in its earnings release and its most recent Annual Report on Form 10-K filed with the SEC.
Earlier today, Cohen & Company issued a press release announcing second quarter 2024 financial results. Today's discussion is complementary
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