E-Trade beats Street 3Q forecasts

NEW YORK – NEW YORK (AP) _ E-Trade Financial Corp. (ETFC) on Thursday reported third-quarter net income of $139 million, after reporting a loss in the same period a year earlier.

The New York-based company said it had earnings of 51 cents per share.

The results topped Wall Street expectations. The average estimate of 10 analysts surveyed by Zacks Investment Research was for earnings of 38 cents per share.

The online brokerage posted revenue of $486 million in the period, also surpassing Street forecasts. Six analysts surveyed by Zacks expected $467.6 million.

E-Trade shares have dropped roughly 5 percent since the beginning of the year, while the Standard & Poor's 500 index has risen almost 5 percent. In the final minutes of trading on Thursday, shares hit $28.20, a climb of 5 percent in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on ETFC at http://www.zacks.com/ap/ETFC

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Keywords: E-Trade, Earnings Report