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TD Ameritrade (AMTD) 1Q Earnings Decline 3.3 Pct, Yet Beat Estimates

 January 22, 2013 09:12 AM

(By Balaseshan) TD Ameritrade Holding Corp. (NYSE: AMTD), which provides brokerage services, reported a 3.3% decline in quarterly earnings due to higher provision for taxes and lower revenue. Results exceeded Street's expectations, sending its shares up 1.46% in premarket.

Earnings for the first quarter were $147 million or $0.27 per share, compared to $152 million or $0.27 per share last year.

Net revenue marginally decreased 0.3% to $651 million.

Analysts, on average, polled by Thomson Reuters had expected a profit of $0.24 per share on revenue of $635.67 million for the first quarter.

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Transaction-based revenues fell to $257 million from $273 million, while asset-based revenues rose to $377 million from $358 million.

The company gathered record net new client assets of $15.6 billion, a 13% annualized growth rate, up from $10.2 billion in the prior year period, it said.

Total trades declined to 20.4 million from 23.0 million, while average commissions and transaction fees per trade rose to $12.62 from $11.90.

Net interest margin for the first quarter decreased to 1.58% from 1.69%.

The company has declared a $0.09 per share quarterly cash dividend, payable on Feb. 15, 2013 to all holders of record of common stock as of Feb. 1, 2013.

AMTD closed Friday's regular session at $18.45. The stock has been trading between $15.09 and $20.59 for the past 52 weeks.

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