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Banking, finance, and taxes

Lehman Sails Past Estimates (June 12, 2007) (LEH)

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By Douglas A. McIntyre Published
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Lehman Brothers (LEH-NYSE) has reported Q2 2007 earnings.  The company posted $2.21 EPS and Revenues $5.51 Billion versus street estimates of $1.88 EPS and $4.97 Billion.  The results saw a 55% jump in investment banking, non-US revenues were 48% of total revenues, and it is expanding energy and commodities platform.  Capital Markets reported record net revenues of $3.6 billion in the second quarter, an increase of 17% from the second quarter of fiscal 2006, driven by a record performance in Equities Capital Markets; Fixed income revenues were $1.9 Billion, down 14% from Q2 2006.  Pre-tax margin grew 0.1% from Q2 2006 to 34.1%.

Chairman and CEO Richard S. Fuld, Jr.:"Our record results for the second quarter and the first half reflect our ongoing commitment to achieving diversified growth. With non-U.S. net revenues representing nearly half of our total net revenues for the quarter, our global platform is stronger and more balanced than ever. To build on this momentum, we remain focused on leveraging our resources and capabilities to maximize value for our clients and shareholders."

Book value was listed at the end of the quarter as $37.15, compared to a $75.68 close; shares are trading above $77.00 in pre-market trading.  Goldman Sachs (GS) and Bear Stearns (BSC) are set to report on Thursday morning, and shares of both are indicated higher in initial trades.

Jon C. Ogg
June 12, 2007

Jon Ogg can be reached at [email protected]; he does not own securities in the companies he covers.

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About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

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