Updated:

Mar 8, 2018

Original:

Oct 17, 2012

Piper Jaffray's Q3 revenue surges 39%

Piper Jaffray Cos. reported its net revenue grew to $133 million, compared to $95.9 million in the third quarter last year, the Business Journal reports. The Minneapolis-based investment bank and asset manager says its mortgage-backed securities trading strategy "drove the majority of the improvement."

Author:

Piper Jaffray Cos. reported its net revenue grew to $133 million, compared to $95.9 million in the third quarter last year, the Business Journal reports. The Minneapolis-based investment bank and asset management firm says its mortgage-backed securities trading strategy "drove the majority of the improvement."

"Our performance reflects robust fixed income institutional brokerage revenues -- particularly strategic trading, our decision to exit the Hong Kong capital markets business, additional cost reductions taking effect, and solid market share in public finance and public equity offerings," said Andrew S. Duff, chairman and chief executive officer, in a news release.

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The Minneapolis-based bank beat Wall Street expectations posting a $1.35 billion profit in the fourth quarter. U.S. Bank also posted record earnings of $4.87 billion for the year. The company reports lending activity increased more than 16 percent.

Boosted by double-digit sales growth across all of its product lines, Polaris Industries Inc. posted a net income of $94.3 million, a 40 percent jump from $67.6 million in the third quarter a year-ago, the Associated Press reports. The Medina-based all-terrain vehicles maker also lifted its full-year outlook for the third time.

Ecolab Inc., the St. Paul-based cleaning and pest-control giant, says its net sales jumped 74 percent to $3 billion in the third quarter, RTTNews.com reports. Net income was also up 54 percent compared to the same period a year earlier.

Capella Education, the parent company of the for-profit Capella University, says its third-quarter net income was $5.1 million, down nearly 50 percent compared to the $9.9 million it earned in the July-September quarter last year, the Associated Press reports. Even as total enrollment, revenue and net income fell, new student enrollment at the Minneapolis-based provider of online post-secondary education rose 10.5 percent compared to last year -- the first increase in nearly two years, Reuters reports.

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