Business
StoneX Group Inc. Reports Fiscal 2024 First Quarter Financial Results
Quarterly Operating Revenues of $784.2 million, up 20% Quarterly Net Income of $69.1 million, ROE of 19.3% Quarterly Diluted EPS of $2.13 per share NEW YORK,
About this update from Stonex Group Inc.
[{"type":"text","content":"Quarterly Operating Revenues of $784.2 million, up 20% Quarterly Net Income of $69.1 million, ROE of 19.3% Quarterly Diluted EPS of $2.13 per share NEW YORK, Feb. 06, 2024 (GLOBE NEWSWIRE) -- StoneX Group Inc. (the “Company”; NASDAQ: SNEX), a global financial services network that connects companies, organizations, traders and investors to the global market ecosystem through a unique blend of digital platforms, end-to-end clearing and execution services, high touch service and deep expertise, today announced its financial results for the fiscal year 2024 first quarter ended December 31, 2023. Sean M. O’Connor, the Company’s CEO, stated, “We had a very strong start to fiscal 2024, with net income of $69.1 million representing a 19.3% return on equity, a 20.5% return on tangible book value, and diluted EPS of $2.13. The comparable prior year period included a $23.5 million gain on acquisition, which contributed $0.74 of diluted EPS. Excluding this gain on acquisition, diluted EPS increased by 28.0% over the prior year. We continue to see a constructive market environment with good client engagement, and increased interest earnings on our client float. We are pleased to see that our business continues to deliver what we believe to be superior returns to our shareholders.” StoneX Group Inc. Summary Financials Consolidated financial statements for the Company will be included in our Quarterly Report on Form 10-Q to be filed with the Securities and Exchange Commission (the “SEC”). Upon filing, the Quarterly Report on Form 10-Q will also be made available on the Company’s website at www.stonex.com. Three Months Ended December 31,(Unaudited) (in millions, except share and per share amounts) 2023 2022 % ChangeRevenues: Sales of physical commodities$18,820.9 $12,403.4 52%Principal gains, net 293.8 254.2 16%Commission and clearing fees 129.7 118.0 10%Consulting, management, and account fees 38.5 39.8 (3)%Interest income 290.1 196.2 48%Total revenues 19,573.0 13,011.6 50%Cost of sales of physical commodities 18,788.8 12,356.8 52%Operating revenues 784.2 654.8 20%Transaction-based clearing expenses 74.3 67.3 10%Introducing broker commissions 39.1 36.8 6%Interest expense 236.0 154.3 53%Interest expense on corporate funding 13.2 14.4 (8)%Net operating revenues 421.6 382.0 10%Compensation and other expenses: Variable compensation and benefits 1...