LPL Financial (LPLA) said it had net revenue of $974.8 million for the first quarter of 2013, up 8% from a year ago.
Net income was $54.7 million, or $0.51 a share, vs. $41.2 million, or $0.37 a share—an EPS increase of 38%. On an adjusted basis, net income was $68.1 million, or $0.64 a share, vs. $63.2 million, or $0.56 a share, an EPS jump of 14%.
Analysts polled by Thomson Reuters had anticipated adjusted earnings of $0.55 per share on revenues of $978.92 million.
“Our positive financial performance in the first quarter was a direct reflection of the hard work of our advisors to position their clients as market conditions improved,” said Mark Casady, chairman and CEO of LPL Financial, in a press release.
“Strong advisor productivity, rising markets and the accelerating production of advisors added in the last 12 months supported our revenue growth of 8%,” he explained. “Our results this quarter underscore our ability to improve our profit margins when we experience gains in advisor productivity and manage our expense base.”
The total number of advisors affiliated with LPL rose by about 3% year over year from 12,962 to 13,377. It also added 25 reps since Jan. 1. The broker-dealer’s level of total advisory and brokerage assets jumped 11% to $394 billion, while the level of assets on its fee-based platforms grew close to 18% to $130.2 billion.