Leucadia sees Q1 EPS 32c-35c, one estimate 28c
Leucadia said: "In light of the breadth of today's announcements, which will naturally involve Leucadia engaging with its shareholders, bondholders, clients, analysts and prospective investors, Leucadia is also announcing today preliminary estimates of financial results for its fiscal first quarter 2018. Leucadia will release final results for its first quarter 2018 on April 26, 2018. Leucadia estimates that, based on current calculations, it will report quarterly income before income taxes of $100M-$115M, and net income attributable to Leucadia National Corporation common shareholders of $120 - 131 million, or 32c-35c per diluted share (all estimates remain subject to final adjustments). Leucadia anticipates that it will have a net tax benefit for the first quarter due to the reversal of valuation allowances related to deferred tax assets, which Leucadia has determined are now realizable." The company added, "Our estimated first quarter results reflect expected continued strong performances from our businesses. We are pleased with Jefferies' first quarter net revenues of approximately $820M and pre-tax income of approximately $120M, as well as National Beef's estimated pre-tax income of approximately $64M in what is typically a lighter seasonal quarter for beef processing. Berkadia, Garcadia, Idaho Timber and Vitesse all continued to perform well this quarter. Our estimated results also include an unrealized $21M mark-to-market decrease in the value of our HRG investment and a net loss at Leucadia Asset Management as a result of the first quarter period of exceptional volatility."