Charles Schwab 3Q income up on unit sale |
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Mon, 15 Oct 2007 14:02
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SAN FRANCISCO (AP) - Financial services firm Charles Schwab Corp. said Monday its third quarter earnings multiplied from over the year-ago period, mainly due to its sale of U.S. Trust.For the quarter ended Sept. 30, Schwab reported earnings of $1.53 billion, or $1.28 per share, compared with income of $266 million, or 21 cents per share, during the same quarter a year ago.The recent period's earnings include a $1.2 billion after-tax gain from the sale of U.S. Trust. Excluding the gain, Schwab's earnings from continuing operations were $323 million, or 27 cents per share.Schwab reported third-quarter revenue of $1.29 billion versus $1.07 billion in the year-ago period.Analysts polled by Thomson Financial, on average, forecast earnings of 25 cents per share on revenue of $1.26 billion for the quarter. Analysts do not typically include one-time items in their forecasts.Operating earnings were boosted by $37.3 billion in net new assets brought by clients to Schwab during the third quarter, a 66 percent increase from the same quarter last year. The new assets helped Schwab reach a record $1.441 trillion in total client assets as of Sept. 30.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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Charles Schwab Q3 profit rises 