E*TRADE Financial (ETFC) Tops Q3 EPS by 7c, Revenues Beat

E*TRADE Financial (NASDAQ: ETFC) reported Q3 EPS of $1.08, $0.07 better than the analyst estimate of $1.01. Revenue for the quarter came in at $767 million versus the consensus estimate of $742.96 million.

Third Quarter Results

• Net income of $274 million; net income available to common shareholders of $254 million
• Diluted earnings per common share of $1.08, which includes a net benefit of $9 million, or $0.04 per diluted share, related to the benefit to provision for loan losses
• Total net revenue of $767 million, a Company record(1)
• Operating margin of 50 percent; adjusted operating margin of 48 percent(2)
• Average interest-earning assets of $55.4 billion; net interest margin of 328 basis points
• Daily Average Revenue Trades (DARTs) of 267,000, including 36 percent in derivatives, a Company record(1); derivative DARTs of 95,000
• Average and end of period margin receivables of $9.9 billion
• Net new accounts of 47,000
• Net new retail and advisor services assets of $2.8 billion
• Capital return to shareholders(3) of $600 million, including share repurchases of $566 million and dividends of $34 million

“This past quarter was marked by record net revenue, strong operating results and customer engagement, as well as a myriad of accolades for the intuitive experience we deliver to our customers time and again,” said Mike Pizzi, Chief Executive Officer. “The commission changes over the past few weeks have caused a meaningful shift for the industry—making it even more crucial to deliver a cutting-edge and easy-to-use experience to investors and traders alike. As a digital-first company, backed by one of the most sophisticated customer support teams in the industry, we will leverage our advantage to grow and take share, especially as price is removed as a point of competitive differentiation. Our business is well positioned for the long-term, and we will remain dynamic, optimizing our model in a manner that best delivers long-term value for shareholders.”

For earnings history and earnings-related data on E*TRADE Financial (ETFC) click here.

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