OMAHA, Neb. (AP) — Online brokerage TD Ameritrade Holding Corp.’s fiscal first-quarter profit more than doubled thanks to the company’s 2017 acquisition of rival Scottrade and last fall’s increased volatility in the market.
The Omaha, Nebraska-based company said Tuesday that it earned $604 million, or $1.07 per share, in the quarter that ended Dec. 31. That’s up from $297 million, or 52 cents per share, a year earlier. When earnings are adjusted for one-time costs, TD Ameritrade reported earnings of $1.11 per share.
The results exceeded Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of $1 per share.
The online brokerage posted revenue of $1.52 billion in the period. The four analysts surveyed by Zacks expected $1.47 billion.
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TD Ameritrade CEO Tim Hockey said investor anxiety increased during the quarter, which boosted trading numbers and increased demand for the company’s investor education.
TD Ameritrade handled an average of 927,849 trades per day during the quarter and trading topped 1 million on 14 days. That’s up from last year when the company handled an average of 726,438 trades per day.
TD Ameritrade’s shares rose 78 cents, or 1.4 percent, to $55.70 in after-hours trading following the earnings report. Through the end of regular-session trading Tuesday, the stock was down about 2 percent over the past 12 months.
Elements of this story were generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on AMTD at https://www.zacks.com/ap/AMTD