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UPDATE 1-Rodman & Renshaw Q1 misses Wall Street; shares fall
May 6, 2010 / 2:17 PM / in 7 years

UPDATE 1-Rodman & Renshaw Q1 misses Wall Street; shares fall

* Q1 EPS $0.06 vs est $0.08

* Operating expenses up 29 pct

* Shares down as much as 12 pct

May 6 (Reuters) - U.S. investment bank Rodman & Renshaw Capital Group Inc RODM.O posted quarterly profit that missed analyst estimates, hurt by higher expenses, sending its shares down as much as 12 pct.

For the first quarter, the company posted a profit of $2.1 million, or 6 cents a share, compared with a loss of $12.3 million, or 35 cents a share, a year ago.

Net operating income was $3 million, or 8 cents a share.

Analysts were expecting earnings of 8 cents a share, according to Thomson Reuters I/B/E/S.

Operating expenses rose 29 percent to $23.4 million.

The investment bank said it completed 13 financing transactions generating about $11 million of investment banking revenue in the second quarter.

“Our pipeline remains solid including 11 prospective public offerings that our capital markets group currently has in registration,” the company said in a statement.

Shares of the company were down 11 percent at $3.85 in morning trade Thursday on Nasdaq. They had hit a low of $3.83 earlier in the session. (Reporting by Archana Shankar in Bangalore; Editing by Unnikrishnan Nair)

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