Leucadia National Corporation
) posted its financial results for the first quarter 2013 on May
9, 2013. Net results were weak as earnings per share were $1.08,
much below $1.97 reported in the year-ago quarter.
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Leucadia reported a 10.1% year-over-year decline in consolidated
revenue in the first quarter 2013, which came in at $2.1 billion.
The company made some changes to its revenue segments after it
completed acquiring Jefferies in Mar 2013. A brief discussion on
the segments has been provided below:
Revenue from the Beef Processing Services segment accounted for
83.5% of total revenue and settled at roughly $1.8 billion.
Revenue from the Domestic Real Estate segment accounted for 0.2%
of total revenue and came in at $4.3 million.
Revenue from the Medical Product Development segment was $101
thousand compared with $74 thousand in the year-ago quarter.
Proceeds from Other operations were $114.4 million versus $112.8
million in the year-ago quarter and accounted for about 5.3% of
total revenue, while the Corporate segment revenue of $235.8
million accounted for about 11.0% of total revenue.
Expenses of Leucadia decreased marginally from $2.03 billion in
the year-ago quarter to $2.00 billion in the first quarter 2013.
Of the total expenses, cost of sales accounted for 91.1% while
selling, general and other expenses represented 4.0%.
In relation to revenue, expenses represented 93.7% compared with
85.1% in the year-ago quarter.
Leucadia reported a considerable increase in its cash and cash
equivalent balance which reached $3.1 billion exiting the first
quarter 2013 versus $146.0 million in the previous quarter. The
increase can be attributed to the addition of Jefferies to the
company's portfolio with approximately $3.0 billion in cash.
Long-term debt balance was at $7.8 billion compared with $1.4
billion at the end of the previous quarter.
Leucadia used cash of $163.3 million for its operating activities
in the first quarter 2013 as compared with just $42.7 million
used in the year-ago quarter. Spending on property, equipment and
leasehold improvements increased 11.9% year over year to $20.8
During the quarter, Leucadia paid dividends totaling $23.0
million and repurchased no shares.
Leucadia is engaged in beef processing, manufacturing, gaming
entertainment, real estate activities, medical product
development operations and various other investment-related
activities in the United States.
Other major players in the industry are
China Merchants Holdings (International) Company
Hutchison Whampoa Ltd.
), each with a Zacks Rank #1 (Strong Buy) while
Compass Diversified Holdings
) has a Zacks Rank #2 (Buy).