Jefferies Posts Weaker-Than-Expected Q3 Results, Declares Dividend

Jefferies & Co JEF reported weaker-than-expected third-quarter results. JEF reported its Q3 net income at $46.26 million, or $0.23 per share, down from $86.29 million, or $0.42 per share, in the year-ago quarter. The company's revenue came in at $520.1 million, from $700.4 million, in the year-ago period. However the analysts expected the company to post its earnings at $0.23 per share on revenue of $547.3 million. JEF's Board of Directors has announced a quarterly dividend of $0.075 per share payable on November 15, 2010. Richard B. Handler, Chairman and Chief Executive Officer of Jefferies said, “Trading volumes across the board were painfully slow during the months of June, July and August. The normal seasonal slowdown was exacerbated by continued concerns over the state of the global economy. Jefferies Investment Banking results were solid for the quarter and reflect our ability to serve a broader and more global client base. We have made continued progress during the summer to diversify further by building upon the many initiatives we began during the global financial crises. We are in a strong position to finish 2010 and look forward to building upon our broad foundation in the years ahead.” JEF's shares lost 7.22% to $22.50 in pre-market trading. Read more from Benzinga's Company news.