Reported Q: Q3 2024 Rev YoY: +85.1% EPS YoY: +223.3% Move: -4.22%
Cohen Company Inc
COHN
$15.22 -4.22%
Exchange AMEX Sector Financial Services Industry Financial Capital Markets
Q3 2024
Published: Nov 4, 2024

Company Status Snapshot

Fast view of the latest quarter outcome for COHN

Reported

Report Date

Nov 4, 2024

Quarter Q3 2024

Revenue

31.70M

YoY: +85.1%

EPS

1.31

YoY: +223.3%

Market Move

-4.22%

Previous quarter: Q2 2024

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Earnings Highlights

  • Revenue of $31.70M up 85.1% year-over-year
  • EPS of $1.31 increased by 223.3% from previous year
  • Gross margin of 43.5%
  • Net income of 2.15M
  • "CCM generated $21.4 million of advisory revenue and acted as lead bookrunner on one SPAC IPO." - Lester Brafman
COHN
Company COHN

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Executive Summary

Cohen & Company (COHN) delivered a solid Q3 2024 with a net income of $2.15 million and adjusted pretax income of $7.7 million, supported by a robust performance from Cohen & Company Capital Markets (CCM). CCM reported $22.5 million in new-issue/advisory revenue for the quarter, underscoring a strong advisory footprint, including leadership on a SPAC IPO. Management notes that advisory revenue remains volatile and highly dependent on a limited number of engagements, but the pipeline remains robust and the company expects continued production through year-end. Net trading revenue of $8.8 million contributed meaningfully, while principal transactions and other revenue were negative by $1.7 million due to mark-to-market adjustments tied to post-SPAC portfolio holdings. The quarter benefited from strong operating cash flow ($177.1 million from operations) and a healthy liquidity position, with cash at quarter-end of $14.29 million and total equity of $100.6 million reported in the period. Management reaffirmed the quarterly dividend of $0.25 per share, signaling a disciplined capital return policy while continuing to evaluate dividends on a quarterly basis. The results reflect a diversified earnings mix across advisory, trading, asset management, and principal investments, but also underscore ongoing volatility in SPAC-related activities and mark-to-market exposure that can influence quarterly results. Investors should monitor the cadence of CCM engagements, the evolution of the SPAC portfolio, and the company’s dividend policy against operating earnings and capital needs as they weigh COHN’s risk/return profile in the current market environment.

Key Performance Indicators

Revenue
Increasing
31.70M
QoQ: 61.06% | YoY: 85.12%
Gross Profit
Increasing
13.78M
43.48% margin
QoQ: -20.52% | YoY: 986.17%
Operating Income
Increasing
7.22M
QoQ: 47.99% | YoY: 275.97%
Net Income
Increasing
2.15M
QoQ: 191.53% | YoY: 137.48%
EPS
Increasing
4.65
QoQ: 420.69% | YoY: 223.34%

Revenue Trend

Margin Analysis

Historical Earnings Comparison

PeriodRevenue ($M)EPS ($)YoY GrowthReport
Q1 2025 28.74 0.19 -24.8% View
Q4 2024 18.54 -0.34 -50.5% View
Q3 2024 31.70 1.31 +85.1% View
Q2 2024 19.68 -0.41 -12.8% View
Q1 2024 38.24 1.28 +333.3% View