Wednesday
October
22
2014
8:49 pm
Weather

  Home
  Local News
  State / National / World
  Sports
  Opinion / Letters
  Business
  Arts / Entertainment
  Lifestyle
  Obituaries
  Calendar
  Submit Event
  Comics / Games
  Classifieds
  DJ Designers
  Archives
  Advertise With Us
  About Us
 
 
 
 

Check out our archive of Dining Guides - Yum!

Charles Schwab 3Q results up, top estimates
October 16, 2013, 05:00 AM The Associated Press

SAN FRANCISCO — Charles Schwab’s third-quarter net income climbed 19 percent as trading revenue and interest revenue rose.

The performance beat Wall Street’s view, and the stock rose more than 5 percent in morning trading Tuesday to its highest level in more than five years.

For the three months ended Sept. 30, the San Francisco company reported net income available to common stockholders of $282 million, or 22 cents per share. That compares with $238 million, or 19 cents per share, a year ago.

Analysts expected earnings of 20 cents per share, according to a FactSet survey.

Revenue rose 14 percent to $1.37 billion from $1.2 billion. Wall Street was looking for $1.34 billion in revenue.

Interest revenue increased to $531 million from $478 million, while trading revenue climbed to $224 million from $204 million. Revenue from asset management and administration fees rose to $583 million from $524 million.

Core net new assets totaled almost $43 million, surging 97 percent from a year earlier. CEO Walt Bettinger said in a statement that this was the highest level in Schwab’s history for a summer quarter.

In the investor services segment, net new retail brokerage accounts climbed 14 percent to about 16,000.

Charles Schwab Corp. ended September with 9 million active brokerage accounts, up 3 percent from the prior-year period. Banking accounts rose 10 percent to 930,000.

The company maintained its forecast for 2013 earnings in the mid-70 cents per share range.

Analysts expect earnings of 74 cents per share.

Shares of Charles Schwab gained $1.23, or 5.6 percent, to $23.24 in morning trading after rising as high as $23.46 earlier in the session, its highest level since July 2008.

 

 

Tags: million, percent, revenue, cents, share, trading,


Other stories from today:

 

 
Print this Page Print this Page  |  Bookmark and Share
<< Back
 
Return To Archives
 
  


 
 
 
Daily Journal Quick Poll
 
Does the terrorist attack near the Canadian Parliament concern you?

Yes, extremely
Yes, somewhat
A little
Not at all

 

 
 
 
 
 
 
Giants fans be wary, man robbed of World Series tickets worth $1,000
With the World Series hot on San Francisco Giants’ fans minds, police are reminding people to be w..
Two dead in shooting attack at Canada's Parliament
OTTAWA, Ontario — A gunman with a scarf over his face shot to death a Canadian soldier standin..
US to track everyone coming from Ebola nations
WASHINGTON — Stepping up their vigilance against Ebola, federal authorities said Wednesday that ev..
Government ups air bag warning to 7.8M vehicles
DETROIT — The U.S. government is telling 3 million more car owners to get their air bags repaired ..
Turkish president says US airdrop to Kurds in Kobani a mistake
ISTANBUL — Turkish President Recep Tayyip Erdogan says that the U.S. made a mistake in airdropping..
More >>  
 
 
  
 
  
 
©2014 San Mateo Daily Journal
San Mateo County blogs