Stifel Financial Corp. (SF), Tuesday reported an increase in fourth quarter profit, as revenues surged helped by robust performance from all its segments. Earnings and revenue came in above Street estimates.
Net income increased to $24.67 million or $0.71 per share from $16.05 million or $0.53 per share in the same quarter a year ago.
On average, seven analysts' polled by Thomson Reuters expected earnings of $0.65 per share for the quarter. Analysts' estimate typically exclude one-time items.
Net revenues surged to $319.47 million from $230.99 million in the year ago quarter, easily surpassing Street estimates of $308.75 million for the quarter.
Revenue from principal transactions increased 25.9% to $116.41 million, commissions rose 18.8% to $99.29 million, investment banking jumped to $50.55 million from $15.78 million and asset management and service fees rose 28.6% to $37.73 million from the comparable quarter last year.
Total non-interest expenses grew to $278.15 million from $204.39 million in the year-earlier quarter.
Ronald Kruszewski Chief Executive Officer said, "While economic conditions remain fragile and unpredictable, we are confident the steps we have taken this year will ensure that we remain well-positioned to serve our clients, seize new opportunities in the marketplace, and continue to grow our market share in the years ahead."
For full year 2009, net income was $75.8 million or $2.35 per share, up from $55.5 million or $1.98 per share a year ago. Net revenues increased to $1.09 billion from $870.3 million in the prior year. Street expected earnings of $2.27 per share on revenues of $1.08 billion for the year.
SF closed Tuesday's regular trading at $50.58, up $0.65 or 1.30%, on a volume of 0.20 million shares.
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