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Charles Schwab Q2 Profit Misses View, But Revenues Top

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Bank and brokerage firm the Charles Schwab Corp. (SCHW) on Friday reported a profit for the second-quarter that climbed about 80 percent from last year. Quarterly total revenues grew about 85 percent. Adjusted earnings per share missed analysts' expectations, while quarterly revenues topped their estimates.

Net income available to common stockholders for the second-quarter climbed about 80 percent to $1.12 billion from the prior year's $621 million, with earnings per share improving to $0.59 from $0.48 prior year.

The company's financial results include TD Ameritrade from closing on October 6, 2020 forward, as well as certain acquisition and integration-related costs and the amortization of acquired intangibles.

Adjusted net income available to common stockholders for the second-quarter was $1.34 billion or $0.70 per share compared to $692 million or $0.54 per share in the previous year. Analysts polled by Thomson Reuters expected the company to report earnings of $0.73 per share for the second-quarter. Analysts' estimates typically exclude special items.

Total net revenues for the second-quarter grew about 85 percent to $4.53 billion from $2.45 billion in the prior year. Analysts expected revenues of $4.46 billion for the second-quarter.

In Friday regular trade, SCHW was trading at $69.01 down $1.54 or 2.19 percent.

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