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Lehman 1Q beats Street
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March 19, 1999: 1:57 p.m. ET
Profit jumps 13% on strong results from stock, bond markets
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NEW YORK (CNNfn) - Lehman Bros. blew past Wall Street's earnings forecasts Friday as the nation's third-biggest securities firm said earnings jumped 13 percent in the latest quarter.
New York-based Lehman, only six months ago dogged by apparently unfounded rumors about its ailing financial health, said the quarter was the second-best in the firm's 149-year history and its best first quarter ever.
Lehman's net income for the first quarter ended Feb. 28 rose to $211 million, or $1.57 a diluted share, from $187 million, or $1.44 a share, a year earlier. Wall Street forecasts for the latest quarter averaged $1.45 a share with the highest at $1.50, according to First Call, which tracks analysts' estimates.
Lehman (LEH) cited strength in its stock and bond businesses and a solid performance from its mergers and acquisitions advisory business.
Initial public offerings also helped boost results, it said, noting it was lead underwriter for three Internet-related IPOs during the quarter -- Tut Systems Inc. (TUTS), VerticalNet (VERT) and Pacific Internet (PCNTF). Tut makes computer networking gear for homes and small business, VerticalNet provides industry-specific Web sites and Pacific Internet is a Singapore-based Internet service provider.
Lehman said net revenue rose 7 percent to $1.12 billion from $1.05 billion.
Lehman stock fell 1-7/16 to 60-13/16 in New York Stock Exchange trading after rising Thursday, apparently in anticipation of good results.
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Lehman Brothers
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