UPDATE: TD Ameritrade Q1 Revenue Misses Estimates

reported a weaker-than-expected revenue for the fiscal first quarter. The Omaha, Nebraska-based company posted quarterly profit of $211 million, or $0.39 per share, compared to $192 million, or $0.35 per share, in the year-ago period. Its revenue rose 9% to $819 million in the period. However, analysts were estimating earnings of $0.40 per share on revenue of $833.47 million. Investment product fee revenue climbed 15% to $83 million. Asset-based revenue climbed 11% to $451 million. Average commission and transaction fee per trade shrank to $12.45 from $12.56. Total trades rose to 28.8 million, from 26.1 million. During the first quarter, the company repurchased 3.7 million shares of its common stock at an average price of $32.39 per share for $118 million. TD Ameritrade also declared a $0.15 per share quarterly cash dividend. “We're off to a great start for 2015 as we delivered our best asset-gathering quarter in company history adding $18.8 billion in net new assets, up 30 percent year-over-year. We continue to see strong asset gathering in both the retail and institutional channels,” said Fred Tomczyk, president and chief executive officer. “Trading was at strong levels due to market volatility and investors continue to increase their usage of options, futures and mobile technology.” TD Ameritrade expects FY15 earnings of $1.45 to $1.70 per share, versus analysts' estimates of $1.61 per share. TD Ameritrade shares rose 0.60% to $33.32 in pre-market trading.