E-Trade tops Street 3Q forecasts
{{#rendered}} {{/rendered}}NEW YORK (AP) _ E-Trade Financial Corp. (ETFC) on Thursday reported third-quarter net income of $147 million.
The New York-based company said it had earnings of 49 cents per share. Earnings, adjusted to extinguish debt, came to 55 cents per share.
The results topped Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of 51 cents per share.
{{#rendered}} {{/rendered}}The online brokerage posted revenue of $599 million in the period, also beating Street forecasts. Four analysts surveyed by Zacks expected $598.8 million.
E-Trade shares have increased 26 percent since the beginning of the year, while the Standard & Poor's 500 index has increased 14 percent. In the final minutes of trading on Thursday, shares hit $43.72, an increase of 54 percent in the last 12 months.
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{{#rendered}} {{/rendered}}This story was generated by Automated Insights using data from Zacks Investment Research. Access a Zacks stock report on ETFC at https://www.zacks.com/ap/ETFC