4 months ago
15
Record Quarterly Net Operating Revenues of $492.1 million, up 17%
Record Quarterly Net Income of $85.1 million, ROE of 19.5%
Record Quarterly Diluted EPS of $2.54 per share, up 19%
Announces a Three-for-Two Stock Split
NEW YORK, Feb. 05, 2025 (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 2025 first quarter ended December 31, 2024. In addition and as discussed further below, on February 5, 2024, the Company's Board of Directors approved a three-for-two split of the Company's common stock.
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Sean O'Connor, the Company's Executive Vice-Chairman of the Board, stated, "We achieved another record quarterly result, building on momentum realized through fiscal 2024, reporting net income of $85.1 million, a 23% increase over the prior year quarter, diluted EPS of $2.54, and a 19.5% return on equity for the first fiscal quarter of 2025. We experienced continued strong client engagement with increased volumes across all operating segments and products despite relatively low volatility.”
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) | 2024 | 2023 | %
Change | ||||||
| Revenues: | |||||||||
| Sales of physical commodities | $ | 27,051.1 | $ | 18,820.9 | 44% | ||||
| Principal gains, net | 308.9 | 293.8 | 5% | ||||||
| Commission and clearing fees | 149.3 | 129.7 | 15% | ||||||
| Consulting, management, and account fees | 47.8 | 38.5 | 24% | ||||||
| Interest income | 378.2 | 290.1 | 30% | ||||||
| Total revenues | 27,935.3 | 19,573.0 | 43% | ||||||
| Cost of sales of physical commodities | 26,991.0 | 18,788.8 | 44% | ||||||
| Operating revenues | 944.3 | 784.2 | 20% | ||||||
| Transaction-based clearing expenses | 86.5 | 74.3 | 16% | ||||||
| Introducing broker commissions | 44.3 | 39.1 | 13% | ||||||
| Interest expense | 306.2 | 236.0 | 30% | ||||||
| Interest expense on corporate funding | 15.2 | 13.2 | 15% | ||||||
| Net operating revenues | 492.1 | 421.6 | 17% | ||||||
| Compensation and other expenses: | |||||||||
| Variable compensation and benefits | 133.3 | 121.9 | 9% | ||||||
| Fixed compensation and benefits | 119.2 | 96.2 | 24% | ||||||
| Trading systems and market information | 20.0 | 18.7 | 7% | ||||||
| Professional fees | 19.0 | 15.7 | 21% | ||||||
| Non-trading technology and support | 19.7 | 16.9 | 17% | ||||||
| Occupancy and equipment rental | 13.0 | 7.7 | 69% | ||||||
| Selling and marketing | 12.0 | 11.7 | 3% | ||||||
| Travel and business development | 8.4 | 7.1 | 18% | ||||||
| Communications | 2.1 | 2.2 | (5)% | ||||||
| Depreciation and amortization | 15.7 | 11.2 | 40% | ||||||
| Bad debts (recoveries), net | 1.8 | (0.3 | ) | n/m | |||||
| Other | 16.7 | 16.9 | (1)% | ||||||
| Total compensation and other expenses | 380.9 | 325.9 | 17% | ||||||
| Other gains | 5.7 | - | n/m | ||||||
| Income before tax | 116.9 | 95.7 | 22% | ||||||
| Income tax expense | 31.8 | 26.6 | 20% | ||||||
| Net income | $ | 85.1 | $ | 69.1 | 23% | ||||
| Earnings per share:(1) | |||||||||
| Basic | $ | 2.66 | $ | 2.20 | 21% | ||||
| Diluted | $ | 2.54 | $ | 2.13 | 19% | ||||
| Weighted-average number of common shares outstanding:(1) | |||||||||
| Basic | 30,976,042 | 30,233,107 | 2% | ||||||
| Diluted | 32,444,772 | 31,274,307 | 4% | ||||||
| Return on equity ("ROE”)(1) | 19.5 | % | 19.3 | % | |||||
| ROE on tangible book value(1) | 20.5 | % | 20.5 | % | |||||
| n/m = not meaningful to present as a percentage | |||||||||
| (1 | ) | The Company calculates ROE on stated book value based on net income divided by average stockholders' equity. For the calculation of ROE on tangible book value, the amount of goodwill and intangibles, net is excluded from stockholders' equity. |
The following table presents our consolidated operating revenues by segment for the periods indicated.
| Three Months Ended December 31, | |||||||||
| (in millions) | 2024 | 2023 | % Change | ||||||
| Segment operating revenues represented by: | |||||||||
| Commercial | $ | 232.3 | $ | 198.4 | 17% | ||||
| Institutional | 539.6 | 435.7 | 24% | ||||||
| Self-Directed/Retail | 124.1 | 92.5 | 34% | ||||||
| Payments | 58.1 | 60.6 | (4)% | ||||||
| Corporate | 11.1 | 9.2 | 21% | ||||||
| Eliminations | (20.9 | ) | (12.2 | ) | 71% | ||||
| Operating revenues | $ | 944.3 | $ | 784.2 | 20% | ||||
The following table presents our consolidated income by segment for the periods indicated.
| Three Months Ended December 31, | |||||||||
| (in millions) | 2024 | 2023 | % Change | ||||||
| Segment income represented by: | |||||||||
| Commercial | $ | 102.2 | $ | 87.2 | 17% | ||||
| Institutional | 78.1 | 65.2 | 20% | ||||||
| Self-Directed/Retail |
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