Leucadia National Corporation
) posted its financial results for the second quarter of 2013 on
Aug 6, 2013. Net results improved year-over-year with earnings
per share from continuing operations coming in at 14 cents as
compared with 80 cents loss incurred in the year-ago quarter.
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Leucadia reported a 54.9% year over year increase in its net
revenue in the second quarter 2013, which came in at $2.7
The company reports its revenue results under the following
heads, which are discussed briefly to reflect Leucadia's second
Revenue from the Beef Processing Services segment accounted for
71.0% of total revenue and settled at roughly $1.9 billion.
Investment Banking & Capital Markets, the segment created
after the merger with Jefferies, generated $651.5 million in
revenue, roughly 24.1% of total revenue.
Revenue from the Domestic Real Estate segment accounted for 0.1%
of total revenue and came in at $3.7 million. Revenue from the
Medical Product Development segment was $119 thousand compared
with $125 thousand in the year-ago quarter.
Proceeds from Other operations were $111.0 million versus $110.9
million in the year-ago quarter and accounted for about 4.1% of
total revenue, while the Corporate segment revenue of $18.4
million accounted for about 0.7% of total revenue.
Expenses incurred by Leucadia in the second quarter 2013
increased 30.8% year over year to $2.65 billion and represented
98.3% of total revenue. Of the total expenses, cost of sales
accounted for 72.3% while selling, general and other expenses
represented 8.3%. Compensation and benefits paid in the quarter
amounted to $414.1 million.
Exiting the second quarter 2013, Leucadia's cash and cash
equivalent balance stood at $3.6 billion, an increase of 16.1%
sequentially. Long-term debt decreased 2.6% sequentially to $7.6
Leucadia in the second quarter 2013 generated $610.8 million in
cash from operating activities as compared with $105.9 million in
the year-ago comparable quarter. Spending on property, equipment
and leasehold improvements more than doubled in the quarter and
totaled $33.5 million.
During the quarter, Leucadia paid dividends totaling $22.2
million while it 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
Hutchison Whampoa Ltd.
), with a Zacks Rank #1 (Strong Buy) while
United Technologies Corp.
), each come with a Zacks Rank #2 (Buy).