TD Ameritrade reports Q3 EPS 44c, consensus 41c
Reports Q3 revenue $931M, consensus $897.81M. The company gathered a record $22.0 billion in net new client assets for the quarter and reported approximately 510,000 client trades per day, on average. The company's results for the quarter ended June 30, 2017 include the following: Record net new client assets of approximately $22.0 billion, an annualized growth rate of 10 percent. Average client trades per day of approximately 510,000, up 10 percent year over year. "We're pleased to report another quarter of strong growth across all of our businesses," said Tim Hockey, TD Ameritrade president and CEO."Investors remained broadly engaged, with strong trading volumes despite persistent low market volatility. We're seeing healthy trends in new account growth and asset inflows from both new and existing clients, and our institutional channel continues to break records for asset gathering. Our technology pipelines are full of enhancements that address client irritants and introduce new, cutting edge solutions. We have a lot to feel good about, but as we plan for the close of the Scottrade acquisition on the horizon, we have much more yet to do." "It was another eventful quarter as major indices hit all-time highs and the Fed raised interest rates for the third time in the fiscal year," said Steve Boyle, executive vice president and CFO. "These factors accelerated our organic growth and provided revenue tailwinds, as anticipated. While this is certainly good news and provides us with even more strategic flexibility in fiscal 2018, we remain committed to thoughtful expense management, balancing new investments with the needs of our clients, employees and shareholders."