Charles Schwab Corp. (SCHW) Beats the Street
Charles Schwab Corp.'s third-quarter profit surpassed analyst expectations as the discount stock brokerage reaped a big gain from the sale of its wealth management division and harvested more revenue from an expanding mix of customers.
The San Francisco-based company said Monday that it earned $1.53 billion, or $1.28 per share, during the three months ended in September, a more than fivefold increase from $266 million, or 21 cents per share, a year ago.
A $1.2 billion windfall from Schwab's $3.3 billion sale of its U.S. Trust wealth management subsidiary accounted for most of the higher profit. Bank of America Corp. completed the U.S. Trust acquisition at the start of the quarter.
Revenue for the period totaled $1.29 billion, a 21 percent improvement from $1.07 billion in the prior year.
If not for the U.S. Trust sale, Schwab said it would have earned $323 million, or 27 cents per share. That figure was two cents above the average estimate among analysts surveyed by Thomson Financial.
The San Francisco-based company said Monday that it earned $1.53 billion, or $1.28 per share, during the three months ended in September, a more than fivefold increase from $266 million, or 21 cents per share, a year ago.
A $1.2 billion windfall from Schwab's $3.3 billion sale of its U.S. Trust wealth management subsidiary accounted for most of the higher profit. Bank of America Corp. completed the U.S. Trust acquisition at the start of the quarter.
Revenue for the period totaled $1.29 billion, a 21 percent improvement from $1.07 billion in the prior year.
If not for the U.S. Trust sale, Schwab said it would have earned $323 million, or 27 cents per share. That figure was two cents above the average estimate among analysts surveyed by Thomson Financial.
Labels: Charles Schwab Corp., SCHW
posted by Stock Administrator @ 1:29 PM
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