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E Trade Financial Q3 Beats Street Views

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E Trade Financial Corporation (NASDAQ: ETFC) posted third-quarter revenue growth of 5.5 percent Tuesday and the company beat Wall Street's expectations.

Chief Executive Paul T. Idzik said E Trade's daily average revenue trades grew 6 percent to 153,000.

During the recent period, "Our core business showed strength despite the typically slower summer months and uncertainty in the broader global markets,” Idzik said.

The company ended the quarter with 3.1 million brokerage accounts, an increase of 24,000 from the prior quarter. Brokerage account attrition for the quarter was 9.1 percent annualized.

Customer assets totaled $282 billion at September 30, up from $241 billion from a year ago.

In the recent period, net income increased nearly 83 percent to $86 million, or $0.29 per share, from $47 million, or $0.16 per share a year earlier. Results included a benefit of $8 million, or $0.03 a share from the settlement of a state tax audit.

Revenue grew to $440 million from $417 million in the third quarter of 2013.

Wall Street expected earnings of $0.22 a share, on revenue of $424.93 million.

E Trade closed Tuesday up 2.5 percent but in after-hours trading recently, E Trade was nearly unchanged, changing hands at at $20.91 a share.

Posted-In: Paul T. IdzikEarnings News After-Hours Center


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