Siebert Reports Third Quarter 2022 Financial Results
Siebert Financial Corp. (SIEB) reported a revenue of $14.3 million for Q3 2022, down from $17.1 million in Q3 2021. Operating income increased to $1.4 million, with an operating margin of 10.0%, improved from 6.7% a year prior. Net income available to common stockholders was $1.1 million with earnings per share remaining stable at $0.03. Despite lower commission revenues, strong performance in the Securities Finance division drove a 21% year-over-year revenue increase. Management emphasizes ongoing growth potential, aided by rising interest rates.
- Operating income increased by 27% year-over-year.
- Securities Finance division achieved record quarterly revenue growth of 21%.
- Operating margin improved to 10.0% from 6.7% year-over-year.
- Total revenue decreased by 16.4% compared to Q3 2021.
- Weaker revenues in commissions, fees, principal transactions, and market making.
Third Quarter 2022 Financial Highlights
-
Revenue of
compared to$14.3 million in the third quarter of 2021$17.1 million -
Operating income* of
compared to operating income of$1.4 million in the third quarter of 2021$1.1 million -
Operating margin of
10.0% compared to6.7% in the third quarter of 2021 -
Net income available to common stockholders of
compared to net income available to common stockholders of$1.1 million in the third quarter of 2021$0.9 million -
Earnings per share of
compared to$0.03 in the third quarter of 2021$0.03
Management Commentary
“We’ve made significant progress this year building the foundation for future growth and the diversity of our business offerings helped to deliver another strong quarter despite the volatile environment,” said
*Operating income represents the line item captioned “Income (loss) before provision for (benefit from) income taxes” in the statements of operations in Siebert’s 2022 Q3 10-Q.
**Refer to Siebert’s 2022 Q3 10-Q, Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.
Notice to Investors
This communication is provided for informational purposes only and is neither an offer to sell nor a solicitation of an offer to buy any securities in
About
Siebert is a diversified financial services company that has been in business and a member of the NYSE since 1967 when
Siebert operates through its subsidiaries
Cautionary Note Regarding Forward-Looking Statements
The statements contained in this press release, that are not historical facts, including statements about our beliefs and expectations, are “forward-looking statements” within the meaning of the
These forward-looking statements, which reflect our management’s beliefs, objectives, and expectations as of the date hereof, are based on the best judgement of our management. All forward-looking statements speak only as of the date on which they are made. Such forward-looking statements are subject to certain risks, uncertainties and assumptions relating to factors that could cause actual results to differ materially from those anticipated in such statements, including, without limitation, the following: economic, social and political conditions, global economic downturns resulting from extraordinary events such as the COVID-19 pandemic and other securities industry risks; interest rate risks; liquidity risks; credit risk with clients and counterparties; risk of liability for errors in clearing functions; systemic risk; systems failures, delays and capacity constraints; network security risks; competition; reliance on external service providers; new laws and regulations affecting our business; net capital requirements; extensive regulation, regulatory uncertainties and legal matters; failure to maintain relationships with employees, customers, business partners or governmental entities; the inability to achieve synergies or to implement integration plans and other consequences associated with risks and uncertainties detailed in our filings with the
We caution that the foregoing list of factors is not exclusive, and new factors may emerge, or changes to the foregoing factors may occur, that could impact our business. We undertake no obligation to publicly update or revise these statements, whether as a result of new information, future events or otherwise, except to the extent required by the federal securities laws.
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Investor Relations:
949-574-3860
sieb@gatewayir.com
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