NEW YORK (AP) _ Cowen Group Inc. (COWN) on Thursday reported fourth-quarter net income of $5.1 million, after reporting a loss in the same period a year earlier.
The company, based in New York, said it had earnings of 11 cents per share. Earnings, adjusted for non-recurring costs, were 28 cents per share.
The financial services company posted revenue of $259.9 million in the period. Its revenue net of interest expense was $259.9 million, which topped Street forecasts.
For the year, the company reported net income of $42.8 million, or $1.17 per share, swinging to a profit in the period. Revenue was reported as $966.9 million.
Cowen shares have increased 14 percent since the beginning of the year. The stock has increased 24 percent in the last 12 months.