Business

Ladenburg Thalmann posts 3Q net income of $12.8 million

Miami-based Ladenburg Thalmann Financial Services Inc. posted net income of $12.8 million for the third quarter, compared with $2.4 million a year earlier.

After paying preferred stock dividends, the company reported net income applicable to common shareholders of $8 million, or 4 cents a diluted share, compared with a net loss of $477,000 a year earlier.

Third-quarter revenue rose 12 percent to $223.7 million from $200.5 million a year earlier, fueled by continued growth in investment banking and capital makrets business and its broker-dealer and advisory business.

EBITDA, or earnings before interest, taxes, depreciation and amortization, adjusted, was $12.1 million, down 6 percent from $12.8 million the year-ago period.

Ladenburg Thalmann, whose shares trade on the New York Stock Exchange, reported results after the close of the market closed Monday.

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