E-Trade posts 4Q profit, results beat Street expectations

NEW YORK (AP) _ E-Trade Financial Corp. (ETFC) on Thursday reported fourth-quarter profit of $41 million.

The New York-based bank said it had earnings of 14 cents per share. Earnings, adjusted to extinguish debt, came to 26 cents per share.

The results surpassed Wall Street expectations. The average estimate of analysts surveyed by Zacks Investment Research was for earnings of 23 cents per share.

The online brokerage posted revenue of $461 million in the period, which also beat Street forecasts. Analysts expected $444.6 million, according to Zacks.

E-Trade shares have fallen roughly 7 percent since the beginning of the year, while the Standard & Poor's 500 index has stayed nearly flat. In the final minutes of trading on Thursday, shares hit $22.65, a climb of slightly more than 5 percent in the last 12 months.


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


Keywords: E-Trade, Earnings Report