NEW YORK, Oct 21 (Reuters) - U.S. brokerage Raymond James
Financial Inc reported a 13 percent drop in
quarterly profit on Wednesday, as fees from trading and
investment advice fell.
Net income for the fiscal fourth quarter ended Sept. 30 was $43 million, or 36 cents a share, down from $49.1 million, or 41 cents, a year earlier.
Net revenue fell 4 percent to $667.2 million.
Analysts on average expected a profit of 27 cents per share on revenue of $631 million, according to Thomson Reuters I/B/E/S.
The company's stock rose as much as 16 cents, or nearly 1 percent, after the earnings report.
Securities commissions and fees revenue fell 2 percent to $440.4 million, while investment advisory fees fell 28 percent to $36.8 million, and financial service fees also fell 4 percent to $31.6 million.
Non-interest expense was roughly the same as a year ago at $610.3 million.
The St. Petersburg, Florida-based company said it had client assets of about $223 billion at the end of the period, compared with $197 billion a year ago.
Ahead of the results, Raymond James shares closed down 2.3 percent, or 57 cents a share, at $24.04 on the New York Stock Exchange.
The date the company expected to release results had not been announced in advance.
(Reporting by Lilla Zuill, editing by Matthew Lewis) Keywords: RAYMONDJAMES/ (lilla.zuill@thomsonreuters.com; + 1 646 223 6281) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
Net income for the fiscal fourth quarter ended Sept. 30 was $43 million, or 36 cents a share, down from $49.1 million, or 41 cents, a year earlier.
Net revenue fell 4 percent to $667.2 million.
Analysts on average expected a profit of 27 cents per share on revenue of $631 million, according to Thomson Reuters I/B/E/S.
The company's stock rose as much as 16 cents, or nearly 1 percent, after the earnings report.
Securities commissions and fees revenue fell 2 percent to $440.4 million, while investment advisory fees fell 28 percent to $36.8 million, and financial service fees also fell 4 percent to $31.6 million.
Non-interest expense was roughly the same as a year ago at $610.3 million.
The St. Petersburg, Florida-based company said it had client assets of about $223 billion at the end of the period, compared with $197 billion a year ago.
Ahead of the results, Raymond James shares closed down 2.3 percent, or 57 cents a share, at $24.04 on the New York Stock Exchange.
The date the company expected to release results had not been announced in advance.
(Reporting by Lilla Zuill, editing by Matthew Lewis) Keywords: RAYMONDJAMES/ (lilla.zuill@thomsonreuters.com; + 1 646 223 6281) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.