Piper Jaffray Cos. (NYSE: PJC) reported Wednesday that it has returned to a first quarter profit, but missed analysts' estimates, according to Associated Press.
The news caused shares to drop $4.05, or 9.3 percent, to close at $39.63.
The company said it earned $510,000, or 3 cents per share, compared to a loss of $2.7 million, or 17 cents per share, in the same quarter last year. Earnings in the most recent period were lowered by a $5.2 million, or 26 cents per share, write-off of a deferred tax asset.
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Revenue rose by 35 percent to $109 million from a year earlier.
Still, the results severely missed analysts' expectations of 54 cents per share profit and revenue of $130 million, according to a survey by Thomson Reuters.
Revenue from Piper Jaffray's investment banking division rose 75 percent to $44.1 million, as the company completed 12 merger and acquisition deals and underwrote 18 stock offerings.
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