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April 28, 2010 at 08:00 PM
LPL Financial, the largest independent broker/dealer, announced April 28 that its net income soared 91.3% to $27.9 million in the first quarter of 2010 compared to the prior year’s first quarter, on a 15.6% rise in net revenue to $743.4 million.
The company’s CFO, Robert Moore, called it a “very healthy quarter” in which LPL’s “broad-based revenue growth outstripped costs” showing “good management of our expenses,” and pointed out that adjusted EBITDA for the quarter was the “highest ever,” crossing the “psychological barrier of $100 million.” Specifically, EBITDA for the first quarter of 2010 rose a very healthy 28.7% to $105 million, compared to $81.9 million in 2009′s first period.
