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


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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)20192018 %
 Change
20192018 %
 Change
Revenues:
Sales of physical commodities$6,929.5$6,255.811 %$13,225.3$13,970.2(5)%
Principal gains, net110.398.512 %203.1175.616 %
Commission and clearing fees85.1106.4(20)%184.6192.9(4)%
Consulting, management and account fees19.118.44 %38.235.09 %
Interest income48.227.973 %93.251.980 %
Total revenues7,192.26,507.011 %13,744.414,425.6(5)%
Cost of sales of physical commodities6,921.16,246.811 %13,208.613,952.8(5)%
Operating revenues271.1260.24 %535.8472.813 %
Transaction-based clearing expenses42.750.7(16)%92.887.66 %
Introducing broker commissions24.836.2(31)%57.467.3(15)%
Interest expense38.419.0102 %71.433.3114 %
Net operating revenues165.2154.37 %314.2284.610 %
Compensation and other expenses:
Compensation and benefits97.988.211 %187.0165.413 %
Trade systems and market information9.58.97 %18.717.19 %
Occupancy and equipment rental5.04.219 %9.48.313 %
Professional fees5.03.928 %10.38.620 %
Travel and business development4.03.033 %7.86.520 %
Non-trading technology and support5.03.447 %9.26.542 %
Depreciation and amortization3.22.910 %6.15.69 %
Communications2.01.443 %3.32.818 %
Bad debts0.70.2250 %1.00.3233 %
(Recovery) bad debt on physical coal %(2.4)1.0n/m
Other7.48.7(15)%13.914.4(3)%
Total compensation and other expenses139.7124.812 %264.3236.512 %
Other gain5.4n/m5.4n/m
Income before tax30.929.55 %55.348.115 %
Income tax expense7.56.810 %13.732.3(58)%
Net income$23.4$22.73 %$41.6$15.8163 %
Earnings per share:
Basic$1.23$1.203 %$2.19$0.83164 %
Diluted$1.21$1.183 %$2.15$0.81165 %
Weighted-average number of common shares outstanding:
Basic18,753,49018,559,8491 %18,706,10418,502,7951 %
Diluted19,004,79318,859,3331 %18,999,88918,836,2131 %
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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