E-Trade posts second-quarter profit of $292 million

Published May 03, 2016

NEW YORK (AP) _ E-Trade Financial Corp. (ETFC) on Thursday reported second-quarter earnings of $292 million.

The New York-based bank said it had earnings of 99 cents per share. Earnings, adjusted for non-recurring gains, were 25 cents per share.

The results fell short of Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of 27 cents per share.

The online brokerage posted revenue of $445 million in the period, which beat Street forecasts. Four analysts surveyed by Zacks expected $444.3 million.

E-Trade shares have risen 21 percent since the beginning of the year, while the Standard & Poor's 500 index has increased 2 percent. In the final minutes of trading on Thursday, shares hit $29.42, a rise of 35 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

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