E-Trade tops 1Q profit forecasts

NEW YORK (AP) _ E-Trade Financial Corp. (ETFC) on Thursday reported first-quarter profit of $153 million.

The company, based in New York, said it had earnings of 53 cents per share. Earnings, adjusted for pretax gains, were 43 cents per share.

The results exceeded Wall Street expectations. The average estimate of nine analysts surveyed by Zacks Investment Research was for earnings of 33 cents per share.

The online brokerage posted revenue of $472 million in the period, which did not meet Street forecasts. Six analysts surveyed by Zacks expected $474.7 million.

E-Trade shares have dropped 15 percent since the beginning of the year, while the Standard & Poor's 500 index has risen slightly more than 2 percent. In the final minutes of trading on Thursday, shares hit $25.27, a drop of 8 percent in the last 12 months.


This story was generated by Automated Insights ( using data from Zacks Investment Research. Access a Zacks stock report on ETFC at


Keywords: E-Trade, Earnings Report