Raymond James Financial reported net revenues of $1.1 billion for the period ending Dec. 31, 2012, up 4% from the preceding quarter and a jump of 42% from the year-ago quarter. (The company acquired Morgan Keegan in the quarter ending June 30).
Net income for the quarter was $85.9 million, or $0.61 per share, up from $83.3 million, or $0.60, in the year-ago quarter and an improvement from $67.3 million, or $0.53, in the quarter ending Sept. 30.
Excluding $17.4 million of pretax expenses related to the Morgan Keegan acquisition, net income would have been $96.6 million or $0.69 per share. Analysts had expected the firm to have earnings of $0.68 without special items and sales of $1.08 billion.
Revenue in the private-client operations grew 35% from last year and 3% from the prior quarter to $712.8 million. Pretax income in the unit was $52.9 million, up 7% from last year and 5% from last quarter.