LPL Investment Holdings, parent company of LPL Financial, reported second quarter net income Wednesday of $45.5 million, or $0.40 per diluted share, up $37.5 million compared to second quarter 2010 net income of $8 million, or $0.08 per diluted share.
Adjusted earnings, which the company says exclude certain noncash charges and other adjustments, were $58.8 million, or $0.52 per diluted share, compared to $46.4 million, or $0.47 per diluted share in the second quarter of 2010.
Net revenue for the second quarter of 2011 increased 13.1% to $894 million, from $790.2 million in the prior year period.
“We’re happy with the continued forward momentum of the firm,” says Robert Moore, LPL Financial’s chief financial officer. “We posted great results, but we remain vigilant and humble.”