Piper Sandler Companies reported U.S. GAAP net revenues of $359.6 million for the third quarter of 2024, marking a 24% increase compared to the third quarter of 2023. Adjusted net revenues also rose by 15% year-over-year to $351.8 million, demonstrating broad-based growth.
The firm's U.S. GAAP net income attributable to Piper Sandler Companies surged by 797% year-over-year to $34.8 million, with U.S. GAAP diluted earnings per share reaching $1.96, up 791% from the prior year. Adjusted diluted earnings per share increased by 46% to $2.57.
Investment banking revenues grew 14% year-over-year to $241.5 million, driven by a 22% increase in advisory services revenue to $188.0 million and a 78% rise in municipal financing revenues to $35.5 million. However, corporate financing revenues declined by 52% to $17.9 million.
Institutional brokerage revenues also contributed positively, increasing 12% year-over-year to $100.9 million, with both equity brokerage and fixed income services showing growth. The company's Board of Directors declared a quarterly cash dividend of $0.65 per share, payable on December 13, 2024.
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