Oppenheimer Q3 net income drops 83% to $4.5M, EPS $0.40, on adverse arbitration and market headwinds

OPPENHEIMER HOLDINGS INC

2022-Q3 EPS reported $0.78 revenue$797,361,000

Revenue $294.1M, down 6.7% YoY; net income $4.5M vs $26.3M; EPS $0.40 vs $2.07.
Adverse arbitration decision in September drove non-comp expense up; decision has been appealed.
Private Client revenue up 11% to $178.6M on $35.8M bank deposit sweep income (up 815% YoY); pre-tax income $30M.
Capital Markets revenue fell 29.3% to $90.9M; advisory fees down 43.5%, equity underwriting down 80.8%.
Company repurchased 413,052 shares at avg $33.86; declared $0.15/sh dividend payable Nov 25 to holders of record Nov 11.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 1.0

OPPENHEIMER HOLDINGS INC reported the third quarter of 2022 results: revenue $294.1 million, net income $4.5 million, EPS $0.40 basic earnings per share.

Period: the third quarter of 2022
Revenue: $294.1 million
Net income: $4.5 million
EPS: $0.40 basic earnings per share
Result: reported results

Exact text from the filing

Oppenheimer Holdings Inc. Reports Third Quarter 2022 Earnings New York, October 28, 2022 – Oppenheimer Holdings Inc. (NYSE: OPY) (the "Company" or "Firm") today reported net income of $4.5 million or $0.40 basic earnings per share for the third quarter of 2022, compared with net income of $26.3 million or $2.07 basic earnings per share for the third quarter of 2021. Revenue for the third quarter of 2022 was $294.1 million, a decrease of 6.7%, compared to revenue of $315.3 million for the third quarter of 2021.

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Source: SEC EDGAR

accession 0000791963-22-000067

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