Raymond James topped analysts’ estimates for the quarter ending Dec. 31, 2018, with net income of $249 million, or $1.69 per share, vs. $119 million, or $0.80 per share, a year earlier. Sales improved 12% year over year to $1.93 billion.
Though assets dropped along with market declines, the Private Client Group produced a 10% increase in revenues from last year to $1.36 billion, which topped the earlier quarter by 4%. Pre-tax net income for the unit rose 6% from last year and 25% from the prior quarter to $164 million.
Assets under advisement by Private Client registered reps weakened slightly from a year ago to nearly $691 billion from $692 billion, but were down about 9% from the prior quarter. (Fee-based assets total $339 million.)