NEW YORK--(BUSINESS WIRE)--Siebert Financial Corp. (NASDAQ: SIEB) (“Siebert”), a diversified provider of financial services, today reported financial results for the first quarter ended March 31, 2024.
First Quarter 2024 Financial Highlights
- Revenue of $20.5 million compared to $16.2 million in the first quarter of 2023
- Operating income of $5.1 million compared to $4.3 million in the first quarter of 2023
- Net income available to common stockholders of $3.7 million compared to 3.2 million in the first quarter of 2023
- Earnings per share of $0.09 compared to $0.10 in the first quarter of 2023
- Retail customer net worth of $16.6 billion, an improvement compared to $15.9 billion at the end of 2023
- Total retail customer accounts of 155,499 compared to 153,727 at the end of 2023
Management Commentary
John J. Gebbia, CEO of Siebert, said “The first quarter represented a strong start to the year and continued momentum for Siebert as we made meaningful progress across our business in advancing our growth strategy and building a more diversified business. We are continuing to invest to meet the evolving needs of investors as we chart the next phase of our evolution to empower our clients’ success. We are excited about the year ahead and have numerous innovation-led initiatives underway that honor the legacy of Muriel Siebert while modernizing our offerings, expanding our reach, and enhancing our competitive position across our business lines to capitalize on the evolving needs of our clients. These include investing in our technology and retail trading platforms, marketing initiatives, as well as exploring new opportunities and business lines for Siebert. Looking ahead, we remain well-positioned to execute our strategic goals while continuing to optimize the business for profitability ahead.”
Andrew Reich, CFO of Siebert, commented: “We delivered strong results for revenue and net income this quarter with revenue increasing 27% year-over-year. This increase was driven by higher interest income, strong performance related to our principal transactions business line, as well as growth within our Securities Finance division. Looking ahead, we remain focused on maintaining operational efficiency and driving profitable growth while maintaining a strong capital position.”*
*Refer to Siebert’s 2024 Q1 10-Q, Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations for further detail.
Notice to Investors
This communication is provided for informational purposes only and is neither an offer to sell nor a solicitation of an offer to buy any securities in the United States or elsewhere.
About Siebert Financial Corp.
Siebert is a diversified financial services company and has been a member of the NYSE since 1967 when Muriel Siebert became the first woman to own a seat on the NYSE and the first to head one of its member firms.
Siebert operates through its subsidiaries Muriel Siebert & Co., LLC, Siebert AdvisorNXT,LLC, Park Wilshire Companies, Inc., RISE Financial Services, LLC, Siebert Technologies, LLC and StockCross Digital Solutions, Ltd. Through these entities, Siebert provides a full range of brokerage and financial advisory services including securities brokerage, investment advisory and insurance offerings, securities lending, and corporate stock plan administration solutions. For over 55 years, Siebert has been a company that values its clients, shareholders, and employees. More information is available at www.siebert.com.
Cautionary Note Regarding Forward-Looking Statements
The statements contained in this press release, that are not historical facts, including statements about our beliefs and expectations, are “forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements preceded by, followed by or that include the words “may,” “could,” “would,” “should,” “believe,” “expect,” “anticipate,” “plan,” “estimate,” “target,” “project,” “intend” and similar words or expressions. In addition, any statements that refer to expectations, projections, or other characterizations of future events or circumstances are forward-looking statements.
These forward-looking statements, which reflect beliefs, objectives, and expectations as of the date hereof, are based on the best judgment of management of Siebert. All forward-looking statements speak only as of the date on which they are made. Such forward-looking statements are subject to certain risks, uncertainties and assumptions relating to factors that could cause actual results to differ materially from those anticipated in such statements, including, without limitation, the following: economic, social and political conditions, global economic downturns resulting from extraordinary events; securities industry risks; interest rate risks; liquidity risks; credit risk with clients and counterparties; risk of liability for errors in clearing functions; systemic risk; systems failures, delays and capacity constraints; network security risks; competition; reliance on external service providers; new laws and regulations affecting Siebert’s business; net capital requirements; extensive regulation, regulatory uncertainties and legal matters; failure to maintain relationships with employees, customers, business partners or governmental entities; the inability to achieve synergies or to implement integration plans; and other consequences associated with risks and uncertainties detailed in Part I, Item 1A - Risk Factors of Siebert’s Annual Report on Form 10-K for the year ended December 31, 2023, and Siebert’s filings with the SEC.
Siebert cautions that the foregoing list of factors is not exclusive, and new factors may emerge, or changes to the foregoing factors may occur, that could impact its business. Siebert undertakes no obligation to publicly update or revise these statements, whether as a result of new information, future events or otherwise, except to the extent required by the federal securities laws.
