E*Trade (NASDAQ:ETFC) unveiled positive quarterly earnings results to kick off its fiscal 2019 as both its profit and revenue came in ahead of what Wall Street projected, helping ETFC stock surge more than 3% after hours.
Source: Company website
The New York-based financial services company amassed net income of $290 million for the period, or net income available to common shareholders of $270 million. Diluted earnings per common share came in at $1.09 per share, including a net benefit of $19 million, or 8 cents per diluted share linked with benefits to provision for loan losses and communications expenses.
On an adjusted basis, E*Trade brought in a profit of $1.01 per share when excluding this benefit, which was still 8 cents per share better than the Wall Street consensus estimate. The company also raked in revenue of $755 million for the period, which marked a record for the business, topping the $736.73 million that analysts predicted.
“We kicked off 2019 with an exceptionally strong quarter, generating record net revenue and a record adjusted operating margin, demonstrating the resiliency of our model across operating environments,” said Karl Roessner, CEO. “We generated solid account growth and asset flows in our retail channel, as customers remained highly engaged with the markets, and our institutional channels continued their momentum, with Corporate Services implementing nearly $7 billion in new client relationships.”
ETFC stock is up roughly 3.1% after the bell Wednesday thanks to a strong quarterly earnings showing from the company. Shares had been gaining about 0.3% during regular trading hours as E*Trade prepared its documents to report for the period.
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