Piper Sandler Companies (NYSE:PIPR) Q2 2023 Earnings Call Transcript July 28, 2023 9:00 AM ET
Company Participants
Chad Abraham - Chairman and Chief Executive Officer
Deb Schoneman - President
Tim Carter - Chief Financial Officer
Conference Call Participants
Devin Ryan - JMP Securities
James Yaro - Goldman Sachs
Brendan O'Brien - Wolfe Research
Mike Grondahl - Northland Securities
Operator
Good morning, and welcome to the Piper Sandler Companies' Conference Call to discuss the Financial Results for the Second Quarter of 2023. During the question-and-answer session, securities industry professionals may ask questions to management.
The company will make forward-looking statements on this call that are not historical or current facts, including statements about beliefs and expectations and involve inherent risks and uncertainties. Factors that could cause actual results to differ materially from those anticipated are identified in the company's earnings release and reports on file with the SEC, which are available on the company's website at www.pipersandler.com and on the SEC website at www.sec.gov.
This call will also include statements regarding certain non-GAAP financial measures. The non-GAAP measures should be considered in addition to, and not a substitute for, measures of financial performance prepared in accordance with GAAP. Please refer to the company's earnings release issued today for a reconciliation of these non-GAAP financial measures to the most directly comparable GAAP measure. The earnings release is available on the Investor Relations page of the company's website and at the SEC website. As a reminder, this call is being recorded.
At this time, I would like to turn the call over to Mr. Chad Abraham. Mr. Abraham, you may begin your call.
Chad Abraham
Good morning, everyone. Thanks for joining us today to talk about our second quarter results. I'm here with Deb Schoneman, our President, and Tim Carter, our CFO. In a challenging second quarter of 2023, Piper Sandler generated adjusted net revenues of $277 million and adjusted EPS of $1.13. Activity across most of our businesses continued to be muted as a cloudy economic outlook has kept many clients and transactions on the sidelines, waiting for the inflection point to better market conditions.
We remain focused on helping our clients navigate a highly dynamic economic landscape. When markets stabilize, we expect activity levels to accelerate and we believe that we are strongly positioned to help our clients transact across our various product and business lines.
Turning to corporate investment banking. We generated revenues of $167 million during the second quarter of 2023, flat compared to the first quarter. Highlighting the benefits of our diversified product and industry set, increased corporate financing activity offset a decline in advisory service revenues for the quarter. Specific to advisory services, revenues of $130 million for the quarter reflect the continuing challenges in the M&A and debt markets. We completed 61 advisory transactions during the quarter.