Start Your Free Portfolio Tracker Today
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating indiv idual securities.
If you wish to go to ZacksTrade, click
OK. If you do not, click Cancel.
Back to top
Leucadia Q2 Earnings Improve on Rev Growth
ITT UTX LUK
Leucadia National Corporation ( LUK - Snapshot Report) posted its financial results for the second quarter of 2013 on Aug 6, 2013. Net results improved year-over-year with earnings per share from continuing operations coming in at 14 cents as compared with 80 cents loss incurred in the year-ago quarter. Revenue
Leucadia reported a 54.9% year over year increase in its net revenue in the second quarter 2013, which came in at $2.7 billion.
The company reports its revenue results under the following heads, which are discussed briefly to reflect Leucadia’s second quarter results:
Revenue from the Beef Processing Services segment accounted for 71.0% of total revenue and settled at roughly $1.9 billion. Investment Banking & Capital Markets, the segment created after the merger with Jefferies, generated $651.5 million in revenue, roughly 24.1% of total revenue.
Revenue from the Domestic Real Estate segment accounted for 0.1% of total revenue and came in at $3.7 million. Revenue from the Medical Product Development segment was $119 thousand compared with $125 thousand in the year-ago quarter.
Proceeds from Other operations were $111.0 million versus $110.9 million in the year-ago quarter and accounted for about 4.1% of total revenue, while the Corporate segment revenue of $18.4 million accounted for about 0.7% of total revenue.
Expenses incurred by Leucadia in the second quarter 2013 increased 30.8% year over year to $2.65 billion and represented 98.3% of total revenue. Of the total expenses, cost of sales accounted for 72.3% while selling, general and other expenses represented 8.3%. Compensation and benefits paid in the quarter amounted to $414.1 million.
Exiting the second quarter 2013, Leucadia’s cash and cash equivalent balance stood at $3.6 billion, an increase of 16.1% sequentially. Long-term debt decreased 2.6% sequentially to $7.6 billion. Cash Flow
Leucadia in the second quarter 2013 generated $610.8 million in cash from operating activities as compared with $105.9 million in the year-ago comparable quarter. Spending on property, equipment and leasehold improvements more than doubled in the quarter and totaled $33.5 million.
During the quarter, Leucadia paid dividends totaling $22.2 million while it repurchased no shares.
Leucadia is engaged in beef processing, manufacturing, gaming entertainment, real estate activities, medical product development operations and various other investment-related activities in the United States.
Other major players in the industry are Hutchison Whampoa Ltd. , with a Zacks Rank #1 (Strong Buy) while ITT Corporation ( ITT - Analyst Report) and United Technologies Corp. ( UTX - Analyst Report) , each come with a Zacks Rank #2 (Buy).