Jefferies Financial Group Inc. (JEF) saw its shares plummet 7.13% intraday, driven by a disappointing earnings report and a significant loss tied to the collapse of auto-parts supplier First Brands.
The company reported fiscal Q4 adjusted earnings of $0.96 per diluted share, missing the $1.04 analyst estimate. Additionally, Jefferies disclosed a $30 million loss related to First Brands, contributing to a 7% decline in quarterly profit to $191 million. While revenue exceeded expectations due to a robust M&A market, these setbacks overshadowed the positive performance, leading to the sharp decline in stock price.
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