Raymond James (RJF) said late Wednesday that its fiscal second-quarter net income was $68.9 million, or $0.52 per diluted share, versus $80.9 million or $0.64 per diluted share, for the year-ago period. Analysts had expected earnings of $0.56 per share.
Revenues for the period were $871.9 million, a jump of 3% from last year and ahead of analysts’ estimates of $848.3 million.
Excluding a $21 million pre-tax charge for costs associated with its acquisition of Morgan Keegan (which closed on April 2), certain interest expenses and adjustments to shares issued for the purchase, its net income would have been $81.9 million, or $0.64 per diluted share.
“Our businesses all performed better this quarter, especially Raymond James Bank which reported record earnings driven by a significant increase in loans and improving credit metrics,” said CEO Paul Reilly, in a press release.
The firm reported quarterly records for both assets under management ($39 billion) and assets under administration ($292 billion) as of March 31, 2012, up 11% and 8% respectively, over the previous quarter.
Private Client Results
The Private Client Group reported record quarterly revenues of about $567.8 million, up 7% from the previous quarter and 2% over the year-ago quarter. Pre-tax income was up 1% from last year but down 6% from the previous quarter at nearly $46.3 million.