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INTL FCStone Inc. reports record operating revenues in fiscal 2019 second quarter results



INTL FCStone Inc. volumes

Brokerage and financial services firm INTL FCStone Inc. has just announced its financial results for the fiscal year 2019 second quarter ended March 31, 2019.

Highlights include: 

  • Record Operating Revenues of $271.1 million, up 4%
  • Net Income of $23.4 million
  • EPS of 1.21 per share, ROE of 17.4%

Sean M. O’Connor, CEO of INTL FCStone Inc., stated:

We continue to build on our record fiscal 2018 performance with another strong quarter in 2019 where we again achieved record operating revenues, EPS a near record of $1.21 and a 17.4% ROE. For the six months to date we saw operating revenues grow 13% and pre-tax income growth of 15% versus the prior year. This market outperformance validates our business model to provide a diverse set of products and capabilities to become more relevant to our growing base of customers.

We continue to take advantage of a consolidating market by aggressively growing our customer base and through strategic acquisitions, leveraging our infrastructure, capital and global footprint.

INTL FCStone Inc. Summary Financials

Three Months Ended March 31, Six Months Ended March 31,
(Unaudited) (in millions, except share and per share amounts) 2019 2018  %
 Change
2019 2018  %
 Change
Revenues:
Sales of physical commodities $ 6,929.5 $ 6,255.8 11  % $ 13,225.3 $ 13,970.2 (5 )%
Principal gains, net 110.3 98.5 12  % 203.1 175.6 16  %
Commission and clearing fees 85.1 106.4 (20 )% 184.6 192.9 (4 )%
Consulting, management and account fees 19.1 18.4 4  % 38.2 35.0 9  %
Interest income 48.2 27.9 73  % 93.2 51.9 80  %
Total revenues 7,192.2 6,507.0 11  % 13,744.4 14,425.6 (5 )%
Cost of sales of physical commodities 6,921.1 6,246.8 11  % 13,208.6 13,952.8 (5 )%
Operating revenues 271.1 260.2 4  % 535.8 472.8 13  %
Transaction-based clearing expenses 42.7 50.7 (16 )% 92.8 87.6 6  %
Introducing broker commissions 24.8 36.2 (31 )% 57.4 67.3 (15 )%
Interest expense 38.4 19.0 102  % 71.4 33.3 114  %
Net operating revenues 165.2 154.3 7  % 314.2 284.6 10  %
Compensation and other expenses:
Compensation and benefits 97.9 88.2 11  % 187.0 165.4 13  %
Trade systems and market information 9.5 8.9 7  % 18.7 17.1 9  %
Occupancy and equipment rental 5.0 4.2 19  % 9.4 8.3 13  %
Professional fees 5.0 3.9 28  % 10.3 8.6 20  %
Travel and business development 4.0 3.0 33  % 7.8 6.5 20  %
Non-trading technology and support 5.0 3.4 47  % 9.2 6.5 42  %
Depreciation and amortization 3.2 2.9 10  % 6.1 5.6 9  %
Communications 2.0 1.4 43  % 3.3 2.8 18  %
Bad debts 0.7 0.2 250  % 1.0 0.3 233  %
(Recovery) bad debt on physical coal  % (2.4 ) 1.0 n/m
Other 7.4 8.7 (15 )% 13.9 14.4 (3 )%
Total compensation and other expenses 139.7 124.8 12  % 264.3 236.5 12  %
Other gain 5.4 n/m 5.4 n/m
Income before tax 30.9 29.5 5  % 55.3 48.1 15  %
Income tax expense 7.5 6.8 10  % 13.7 32.3 (58 )%
Net income $ 23.4 $ 22.7 3  % $ 41.6 $ 15.8 163  %
Earnings per share:
Basic $ 1.23 $ 1.20 3  % $ 2.19 $ 0.83 164  %
Diluted $ 1.21 $ 1.18 3  % $ 2.15 $ 0.81 165  %
Weighted-average number of common shares outstanding:
Basic 18,753,490 18,559,849 1  % 18,706,104 18,502,795 1  %
Diluted 19,004,793 18,859,333 1  % 18,999,889 18,836,213 1  %
n/m = not meaningful to present as a percentage

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INTL FCStone Inc. reports record operating revenues in fiscal 2019 second quarter results

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