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April 18, 2011 at 09:58 AM
TD Ameritrade said Monday its earnings in the first quarter were $172 million, or $0.30 per share, beating analysts’ estimates by $0.02 per share. Earnings grew 7% over last year's results, while net income increased about 6%.
The company said it had net new client assets of $11.5 billion in the quarter, up from $9.7 million in the previous quarter and $10.2 million in the year ago-period.
The company, based in Omaha, Neb., also reported record average client trades per day of about 439,000, an increase of 16% over last year’s results.
It had total net revenue in the quarter of $718 million – about half of which was asset-based and the other half transaction-based. Earnings analysts had expected the company to produce revenue of $702 million.
"We continued our organic growth momentum by delivering another strong quarter, highlighted by record results in net new assets, trades per day, net revenues and total client assets," said President and CEO Fred Tomczyk (left), in a press release.
Client assets grew about 21% year over year to some $412 billion. About one-third of these assets are held in TD Ameritrade Institutional, or advisor-custodial accounts.
(Unlike rival Charles Schwab, which reported its earnings on April 15, TD Ameritrade does not break out its custodial results in its earnings reports.)
