Business
Siebert Reports Third Quarter 2022 Financial Results
NEW YORK--(BUSINESS WIRE)-- Siebert Financial Corp. (NASDAQ: SIEB) (“Siebert”), a mission-driven provider of financial services, today reported financial
About this update from Siebert Financial Corp.
[{"type":"text","content":" NEW YORK--(BUSINESS WIRE)--\nSiebert Financial Corp. (NASDAQ: SIEB) (“Siebert”), a mission-driven provider of financial services, today reported financial results for the third quarter ended September 30, 2022.\n\nThird Quarter 2022 Financial Highlights\n\n\nRevenue of $14.3 million compared to $17.1 million in the third quarter of 2021\n\n\nOperating income* of $1.4 million compared to operating income of $1.1 million in the third quarter of 2021\n\n\nOperating margin of 10.0% compared to 6.7% in the third quarter of 2021\n\n\nNet income available to common stockholders of $1.1 million compared to net income available to common stockholders of $0.9 million in the third quarter of 2021\n\n\nEarnings per share of $0.03 compared to $0.03 in the third quarter of 2021\n\n\nManagement Commentary\n\n“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 Gloria E. Gebbia, controlling shareholder and board member of Siebert. “Siebert’s mission-driven culture and client-focused approach has enabled our success over the years and allowed us to overcome a myriad of obstacles and challenges. Our efforts to build a stronger, more diversified business are already showing momentum and we will continue to evolve as a company. We are well-positioned to capitalize on the evolving needs of our clients as a mission-driven company with a robust offering and strong financial position to execute on our growth strategy.”\n\nAndrew Reich, CFO of Siebert, commented: “We delivered another quarter of solid financial results as our business has adapted to challenging market conditions. Strong performance in our Securities Finance division and higher interest income helped partially counter weaker revenues related to commissions and fees, principal transactions, and market making relative to the prior year period. Our Securities Finance division continues to be a key growth driver for Siebert and achieved another record quarter delivering year-over-year revenue growth of 21% in the third quarter and 58% year-to-date relative to the first nine month of 2021. We delivered an improvement to both our operating income and margins in the third quarter as we continue to improve profitability. Operating income fo...