Tuesday
June
30
2015
3:01 am
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
 
 
 
 
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
 
How often do you take public transit?

Every day
Every work day
A few times a week
Once a week
Once a month
Rarely

 

 
 
 
 
 
 
 
Coast Guard helicopter makes hard landing on SFO tarmac
A U.S. Coast Guard helicopter made a hard landing and tipped onto its side at San Francisco Internat..
Justices uphold Arizona's system for redistricting
WASHINGTON — The Supreme Court on Monday upheld Arizona congressional districts drawn by an indepe..
Justices uphold use of drug implicated in botched executions
WASHINGTON — A deeply divided Supreme Court upheld the use of a controversial drug in lethal-injec..
Washington wildfire destroys homes, forces evacuations
SEATTLE — A wildfire fueled by high temperatures and strong winds roared into a central Washington..
French minister: No new target date for Iran nuclear talks
UNITED NATIONS — Negotiators trying to rein in Iran's nuclear program have decided not to set a ne..
More >>  
 
 
  
 
  
 
©2015 San Mateo Daily Journal
San Mateo County name change notice