COWEN GROUP, INC. (COWN) swung to a net profit for the quarter ended Mar. 31, 2017. The company has made a net profit of $2.98 million, or $ 0.05 a share in the quarter, against a net loss of $3.70 million, or $0.20 a share in the last year period. Revenue during the quarter grew 13.79 percent to $114.97 million from $101.04 million in the previous year period. Operating margin for the quarter stood at negative 22.09 percent as compared to a negative 14.75 percent for the previous year period.
Peter A. Cohen, Chairman and Chief Executive Officer of Cowen Group said, "We continued to make important progress towards further strengthening our platform. Our investments in talented individuals, teams and businesses are having a positive impact. An improved investment climate was productive for investment banking and investment income. Our announced strategic partnership with CEFC China and agreement to acquire Convergex are expected to enhance our ability to execute on our objectives."
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