Cowen Group reports Q1 economic EPS 48c, two estimates 35c
Reports Q1 revenue $224.1M, two estimate consensus $220.13M. Book value per share decreased to $24.12 as of March 31, 2019, compared to $24.37 as of December 31, 2018. Reports GAAP net income was $8.1M or 26c per diluted common share and economic income attributable to common stockholders was $15.3M or 48c per diluted common share. Cowen CEO Jeffrey Solomon said, "In the first quarter of 2019, we made significant progress in diversifying revenue streams, growing our advisory business and gaining share in our markets business. As we look ahead to the remainder of 2019, we will strive to deliver increased value to our stakeholders as we aim to increase return on equity on a sustainable basis. We will also seek to provide increased transparency and a streamlined balance sheet as we set out in our framework philosophy of 'simpler, fewer, deeper.'"