Q4 2024 Cohen & Company Inc Earnings Call Transcript
Key Points
- Cohen & Co Inc (COHN) saw significant growth in its Capital Markets division, with full-year revenue nearly doubling from $21.9 million in 2023 to $38.9 million in 2024.
- The company successfully expanded its market share as an adviser and agent, and ventured into underwriting initial public offerings.
- Despite elevated mortgage rates, Cohen & Co Inc (COHN) grew its mortgage business, ending the year with a gestation repo book of $2.7 billion, up more than 30% from December 2023.
- Trading revenue increased by $1.1 million from the fourth quarter of 2023, reaching $8.9 million in the fourth quarter of 2024.
- The company declared a quarterly dividend of $0.25 per share, demonstrating a commitment to returning value to shareholders.
- Cohen & Co Inc (COHN) reported a net loss of $2 million for the fourth quarter of 2024, compared to a net income of $2.2 million in the previous quarter.
- Adjusted pre-tax loss was $7.7 million for the quarter, a significant decline from the adjusted pre-tax income of $7.7 million in the prior quarter.
- New issue and advisory revenue decreased by $12.4 million from the third quarter and $8.6 million from the year-ago quarter, highlighting volatility in this revenue stream.
- The company faced $22.6 million in negative principal transactions revenue during 2024 due to losses on investment assets received as consideration.
- Equity value post-business combinations continued to decline, negatively impacting the value of shares received and contributing to volatility in operating results.
Good morning, ladies and gentlemen, and welcome to Cohen & Company's fourth quarter 2024 earnings call. My name is Sherry and I will be your operator for today. Before we begin, Cohen & Company would like to remind everyone that some of the statements in the the company makes during this call contain forward-looking statements under applicable security laws. These statements may involve risk and uncertainties that could cause the company's actual results to differ materially.
From the results discussed in such forward-looking statements, the forward-looking statements made during the call are made only as of the date of this call, and the company undertakes no obligation to update such statements to reflect subsequent events or circumstances. Cohen & Company advises you to read the cautionary note regarding forward-looking statements and its earnings release in its most recent annual report on Form 10-K filed with the SEC.
Earlier today, Cohen & Company issued a press release announcing fourth quarter and full-year 2024 financial results. Today's discussion is
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