UPDATE: Jefferies Group FQ2 Profit Surges 55%

Jefferies Group LLC, owned by Leucadia National LUK, reported a 55% gain in its fiscal second-quarter earnings. Jefferies posted a quarterly profit of $61.3 million, versus a year-ago profit of $39.5 million. Its net revenue rose 9.8% to $723 million. Investment banking net revenue jumped more than 19% to $331 million in the quarter, while trading net revenue jumped about 7% to $395 million. Richard B. Handler, Chairman and Chief Executive Officer of Jefferies, said: “We are pleased to report quarterly results well-above those of the same quarter last year, due to an over 19% increase in our investment banking net revenues and an almost 7% increase in our overall trading net revenues. Our momentum has continued in investment banking and we are continuing to add to our team to capitalize further on our broad capabilities.” Leucadia National shares gained 1.51% to close at $26.16 yesterday.