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October 25, 2011 at 10:45 AM
TD Ameritrade Holding Corp. announced Tuesday that in its 2011 fiscal year ended Sept. 30 it had net income of $637.7 million, or $1.11/diluted share, compared to $592.1 million in net income in the prior year, or $1/diluted share. Revenue also rose in FY 2011, to $2.762 billion from $2.560 billion in FY 2010.
In its fourth quarter, AMTD’s net income rose 44% to $163.7 million, or $0.29 cents/diluted share, compared to $113.9 million in net income, or $0.20/share, in 2010’s fourth quarter. Revenue rose 16% to $703.5 million, compared to $608.8 million in 2010.
The earnings fell short of FactSet’s consensus analysts’ projections of $0.31/share; AMTD’s stock was down $0.44 as of 3:20 p.m. EDT, to $15.73.
In its earnings release, the company noted that it had record net new client assets of $41.5 billion for the year, record average client trades/day of 399,000, and total client assets of $379 billion. It also touted its execution for the first time of more than 100 million client trades in a single fiscal year and that 51% of its $2.8 billion in net FY revenue were asset-based.
Fred Tomczyk, president and CEO (left), said in a statement that the company “gathered a record $41 billion in net new assets, including a record $12 billion in the fourth quarter alone, an annual growth rate of 12 percent.” TD Ameritrade also released an updated Outlook Statement in which it said it expects earnings of $1 to $1.35 per share for its 2012 fiscal year. Referring to next year, Tomczyk said in a statement that “All indicators are telling us that this uncertain economic environment is here to stay for the next year or two, and as a management team we are planning accordingly.”