Oppeheimer Holdings Inc. has reported its fourth quarter and full-year 2024 earnings, revealing some significant changes compared to the same periods in 2023.
In the fourth quarter of 2024, the company reported a net income of $10.7 million, down from $11.1 million in the fourth quarter of 2023. However, revenue for the same period increased by 21.8% to $375.4 million from $308.3 million in the fourth quarter of 2023.
For the full year 2024, the company reported a substantial increase in net income, reaching $71.6 million compared to $30.2 million in 2023. Full-year revenue also saw a notable increase, rising to $1.4 billion from $1.2 billion in 2023, representing a 14.7% growth.
The Wealth Management segment reported revenue of $253.5 million for the fourth quarter of 2024, a 12.5% increase compared with the same period in 2023. However, pre-tax income for this segment decreased by 10.6% year-over-year.
In the Capital Markets segment, revenue for the fourth quarter of 2024 increased by 46.5% compared with the fourth quarter of 2023, reaching $119.3 million. The pre-tax loss for the same period also improved significantly to $5.0 million from $18.2 million in the fourth quarter of 2023.
Looking at the full-year results, the Wealth Management segment's revenue for 2024 was $972.1 million, showing a 9.2% increase from 2023. Pre-tax income for this segment also grew by 21.6% compared to the prior year.
The Capital Markets segment reported revenue of $447.6 million for the full year 2024, a substantial 29.4% increase from 2023. Additionally, the pre-tax loss for this segment improved to $39.6 million from $63.0 million in 2023.
The company's board of directors also announced a quarterly dividend of $0.18 per share for the fourth quarter of 2024, payable on February 28, 2025.
Today the company's shares have moved -0.7% to a price of $72.04. For the full picture, make sure to review Oppenheimer's 8-K report.
