St. Louis-based Stifel Financial (SF) says it had unaudited quarterly net income of $23.7 million on net revenues of $312.0 million for the quarter ended March 31, 2010, vs. $13.2 million of net income on net revenues of $220.0 million in the same year-ago period.
It missed analysts' earnings estimates for the quarter, of 69 cents a share, by 1 cent – but its shares traded up about one percent on April 29.
The firm announced April 26 that it was buying Thomas Weisel Partners (TWPG) of San Francisco.
Post-merger, Stifel says, it will include some 1,900 financial advisors and $100 billion in assets under management.
Last year, Stifel bought 56 branches from UBS.
"Our global wealth management segment, with the addition of the UBS branches, had record quarterly results. The most encouraging sign is that its performance is up sequentially over the record 2009 fourth quarter," said Chairman and CEO Ronald J. Kruszewski in a press release.
"I am confident that with the recent announcement of our strategic merger with Thomas Weisel Partners, we can build a premier middle-market investment bank and continue the growth of our core business, increase our market share and add value for our shareholders," he added.
In wealth management, Stifel's net revenues were $197.2 million in the first quarter of 2010, an increase of 73% and 7% over the first quarter of 2009 and the fourth quarter of 2009, respectively. The private-client operations had net revenues of $187.4 million, a 70% increase over the first quarter of 2009 and a 6% increase over the fourth quarter of 2009.
