Piper Sandler Companies (NYSE:PIPR) Q3 2023 Earnings Call Transcript October 27, 2023 9:00 AM ET
Company Participants
Chad Abraham - Chairman, CEO
Deb Schoneman - President
Tim Carter - CFO
Conference Call Participants
Brendan O'Brien - Wolfe Research
Devin Ryan - JMP Securities
James Yaro - Goldman Sachs
Mike Grondahl - Northland Securities
Operator
Good morning, and welcome to the Piper Sandler Companies conference call to discuss the financial results for the third quarter of 2023.
During the question-and-answer session, securities industry professionals may ask questions of 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 ww.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.
And now, I'd 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 third quarter results. I'm here with Deb Schoneman, our President, and Tim Carter, our CFO.
Market conditions continued to be challenging during the third quarter. Our broad product capabilities and industry diversification has provided some resiliency to our results. And our relative performance was strong in several of our businesses. Against this backdrop, we are pleased with our momentum and we recorded our best quarter of the year in terms of adjusted net revenues and operating margin.
We generated adjusted net revenues of $306 million, an operating margin of 15.3% and adjusted EPS of $1.76. Although activity incrementally improved during the third quarter, current geopolitical concerns as well as the continued macro-economic uncertainties could impact this progress in the fourth quarter and into 2024.