Raymond James Financial (RJF) reported net income Thursday of $104.6 million, or $0.72 per share, in the quarter ended March 31–up 31% from a year ago.
These results, though, were about 10% lower than last quarter's and missed analysts' estimates. (The year-ago quarter included a gain from the sale of a private-equity investment, as well as some large expenses tied to the integration of Morgan Keegan.)
Revenue, however, topped estimates at $1.2 billion, a 3% jump from a year ago and basically flat with last quarter. The firm's Private Client Group reported a 44% jump in pre-tax profits and a 12% boost in revenue
"We had a strong first half of the fiscal year, with a 5% increase in net revenues and a 33% increase in net income over the first half of the prior fiscal year, despite the positive impact of the Albion gains in the year-ago period," said CEO Paul Reilly, in a press release.
The Private Client Group's revenue totalled $814.7 million, a 12% year-over-year gain and a 5% jump from the prior quarter. Its pre-tax income soared 44% year over year and 8% sequentially to $77.1 million.
