TD Ameritrade (AMTD) announced fiscal third-quarter 2011 earnings on Tuesday, reporting earnings per share of $0.27 on profits of $157.4 million compared with EPS of $0.30 on profits of $171.7 million in the second quarter.
Revenues stood at $684.8 million versus $718.2 million in the third quarter, ended June 30, according to an AMTD news release. Average client trades per day were approximately 370,000, a decrease of 11%.
Analysts had expected TD Ameritrade to pull in earnings of $0.29. A year ago, Q3 2010 EPS totaled $0.31 while profits came to $179.4 million and revenues totaled $691.8 million.
Fred Tomczyk, TD Ameritrade president and chief executive officer, pointed to net new client assets of $7.9 billion, at an annualized growth rate of 8%.
“Despite the economic uncertainty and what looks to be a seasonally slow summer, we delivered solid growth in net new assets and asset-based revenues. Year to date, we have gathered $29.1 billion in net new assets, an annualized growth rate of 11%,” Tomczyk said in a statement.