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E*TRADE Financial Corp (ETFC) Bottom Line Up Y2Y, Tops Expectations

E*TRADE Financial Corp (NASDAQ:ETFC) reported on its latest quarter late Thursday, yielding mixed results that sent shares down ahead of Friday’s action.

 E*TRADE Financial Corp (ETFC)
Source: Company website

The online discount stock brokerage firm unveiled fourth-quarter adjusted earnings of $129 million, or 48 cents per share. The figure topped the $127 million, or 46 cents per share of the year-ago quarter.

On an adjusted basis, the firm said it earned 64 cents per share, which came in above the Wall Street consensus estimate of 61 cents per share, according to data compiled by Thomson Reuters.

E*Trade’s revenue was better than it was a year ago by 25.1%, reaching $637 million. The firm brought in a total of 46,000 new brokerage accounts, raking in net new brokerage assets of $3.2 billion. Its total customer assets at the end of the quarter tallied up to $383.3 billion.

For the full year, E*Trade raked in net income of $614 million, with the net income available to common shareholders at roughly $589 million.The company also announced a deal to buy more than $1 million in retail brokerage accounts with $18 billion in assets from Capital One Financial Corp (NYSE:COF) for $170 million.

“The attractiveness of this acquisition is directly attributable to the power and flexibility of our business model,” said Karl Roessner, CEO. E*Trade does not believe the deal will affect its 2018 earnings per year, but it will add six EPS in 2019 once all synergies are realized.

ETFC stock dipped 1.8% during regular trading hours and a further 1.6% after the bell.

Article printed from InvestorPlace Media,

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