TD Ameritrade Holding Corp.'s fiscal first-quarter earnings grew 69% from a year earlier, according to data released Tuesday.
The Omaha brokerage company, formed last year when Ameritrade Holdings Inc. bought TD Waterhouse USA from Toronto-Dominion Bank, said its net income rose in the quarter to a record $146 million, or 24 cents per share, from $86 million, or 21 cents, the year before. The comparisons are to a period before the deal for TD Waterhouse closed on Jan. 1, 2006.
Revenue grew 92%, to $535 million, as commissions and transaction fees rose 48%.
The average of earnings estimates by analysts in a Thomson First Call survey was 22 cents per share. TD Ameritrade's stock price rose 5.8%, to $18.36, at midday Tuesday.
During its quarterly earnings conference call Tuesday, the company said it expects to earn $1.10 per share in fiscal 2007.
The company opened 109,000 accounts and closed 40,000 during the quarter, it said, and its assets under management grew 6.3%, to $278.2 billion at Dec. 31.
TD Bank Financial Group, which got a stake in TD Ameritrade when it sold TD Waterhouse, said in a press release Tuesday that it expects a contribution from the Omaha company's first-quarter earnings of $54.74 million to the first-quarter net income of its own wealth management segment.
