Piper Sandler Q3 GAAP profit falls 73% to $3.9 million; EPS $0.22
Piper Sandler reported third-quarter 2023 U.S. GAAP net revenues of $289.5 million, flat from the second quarter and down 13% from a year earlier. Net income applicable to the company was $3.9 million, or $0.22 per diluted share, after a $16.4 million expense tied to a potential SEC settlement over recordkeeping, and the company declared a $0.60 quarterly dividend. Adjusted EPS of $1.76 excludes that expense, so the GAAP figures are the more direct comparison for shareholders.
Key points
- GAAP net revenues of $289.5 million were flat versus Q2 2023 and down 13% versus Q3 2022.
- GAAP pre-tax loss of $3.5 million, a pre-tax margin of -1.2%, compared with pre-tax income of $14.4 million in Q2 2023.
- $16.4 million of non-compensation expenses relate to a potential regulatory settlement with the SEC on business communications recordkeeping.
- Quarterly dividend of $0.60 per share, payable December 8, 2023, to holders of record as of November 21, 2023.
The filing
Written by AI on Nov 8, 2026, 1:00 AM ET, from this filing only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on October 27, 2023.
Briefs are written by AI from the filing text and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the AI's reading of the filing for shareholders, not a price forecast. Not investment advice.