Raymond James said it reported net revenues of $3.01 billion for the fiscal first quarter ended December 31, 2023 Q1, up 8% from the prior-year quarter, pre-tax income of $630 million, down 3%, and diluted earnings per share of $2.32.

10-QQuarterly reportFiled Feb 7, 2024Period of report Dec 31, 2023Summary published (UTC) Oct 24, 2026

Key points

AI summary

Raymond James said it reported net revenues of $3.01 billion for the fiscal first quarter ended December 31, 2023 Q1, up 8% from the prior-year quarter, pre-tax income of $630 million, down 3%, and diluted earnings per share of $2.32.
The company said its adjusted net income available to common shareholders, which excludes $23 million of expenses related to past acquisitions, was $514 million, up 2% from the prior-year quarter, and its adjusted earnings per diluted share were $2.40. The prior-year adjustments also included a $32 million insurance settlement that was excluded.
The company said combined net interest income and RJBDP fees fell $25 million, or 3%, from the prior-year quarter. It attributed the change to a shift in deposit mix, with interest expense rising significantly as lower-cost RJBDP balances declined and higher-cost ESP balances increased.
The company said cash and cash equivalents were $10.21 billion as of December 31, 2023, up $893 million from September 30, 2023. As of the same date, FHLB borrowings totaled $1 billion, and additional immediate credit available from the FHLB based on pledged collateral was $9.37 billion.

Key figures

Quarter ended December 31, 2023

Revenue: $3.5B
Net income: $498M
EPS: $2.32
Operating cash flow: $543M

From the XBRL financial data filed with the SEC · not processed by AI.

Summary

AI-written

Analysis scope · Management's discussion (MD&A)We analyzed excerpts of the Management's Discussion and Analysis (MD&A) section (with omissions). Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.

Quarterly net revenues $3.01 billion, pre-tax income down 3%

Raymond James said it reported net revenues of $3.01 billion for the fiscal first quarter ended December 31, 2023 Q1, up 8% from the prior-year quarter, pre-tax income of $630 million, down 3%, and diluted earnings per share of $2.32.

Source · Based on the MD&A text of the filing

Adjusted net income $514 million and adjusted items

The company said its adjusted net income available to common shareholders, which excludes $23 million of expenses related to past acquisitions, was $514 million, up 2% from the prior-year quarter, and its adjusted earnings per diluted share were $2.40. The prior-year adjustments also included a $32 million insurance settlement that was excluded.

Source · Based on the MD&A text of the filing

Net interest income and RJBDP fees down $25 million

The company said combined net interest income and RJBDP fees fell $25 million, or 3%, from the prior-year quarter. It attributed the change to a shift in deposit mix, with interest expense rising significantly as lower-cost RJBDP balances declined and higher-cost ESP balances increased.

Source · Based on the MD&A text of the filing

Cash of $10.21 billion and borrowing capacity as of December 31, 2023

The company said cash and cash equivalents were $10.21 billion as of December 31, 2023, up $893 million from September 30, 2023. As of the same date, FHLB borrowings totaled $1 billion, and additional immediate credit available from the FHLB based on pledged collateral was $9.37 billion.

Source · Based on the MD&A text of the filing

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.

View the original filing on SEC EDGAR ↗

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