Leucadia National Corporation
) posted its financial results for the third quarter of 2013 on
Nov 7, 2013. Earnings per share were at a break-even level as
compared with 44 cents earnings reported in the year-ago quarter.
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GAAP earnings per share in the quarter were a cent after
including the gain from disposal of discontinued operations.
Leucadia's net revenues in the quarter increased 15.7% year over
year and came in at $2,565.1 million.
The company reports its revenue results under the following
heads, which are discussed briefly to reflect Leucadia's third
Revenue from the Beef Processing Services segment accounted for
74.9% of total revenue and settled at roughly $1.9 billion.
Investment Banking & Capital Markets, the segment created
after the merger with Jefferies, generated $502.8 million in
revenue, roughly 19.6% of total revenue.
Revenue from the Domestic Real Estate segment accounted for 0.1%
of total revenue and came in at $3.0 million. Revenue from the
Medical Product Development segment was $113 thousand compared
with $81 thousand in the year-ago quarter.
Proceeds from Other operations were $119.4 million versus $115.6
million in the year-ago quarter and accounted for about 4.7% of
total revenue, while the Corporate segment revenue of $18.8
million accounted for about 0.7% of total revenue.
Expenses incurred by Leucadia in the third quarter 2013 increased
25.3% year over year to $2.56 billion. Of the total expenses,
cost of sales accounted for 74.2% while selling, general and
other expenses represented 9.1%. Compensation and benefits paid
in the quarter amounted to $326.4 million.
Exiting the third quarter 2013, Leucadia's cash and cash
equivalent balance improved 24.1% sequentially to $4,410.1
million as compared with $3,553.6 million at the end of the
previous quarter. Long-term debt decreased 2.8% sequentially to
Leucadia generated net cash flow from operating activities of
$491.2 million, up compared with $199.9 million in the year-ago
quarter. Capital spending on property, equipment and leasehold
improvements increased 91.8% year over year to $35.1 million.
During the quarter, Leucadia paid dividends totaling $23.1
million while the company 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. The company has a $10.4 billion
Other major players in the industry are
Hutchison Whampoa Ltd.
Tyco International Ltd.
), each with a Zacks Rank #2 (Buy).