E-Trade tops Street 1Q forecasts

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NEW YORK (AP) _ E-Trade Financial Corp. (ETFC) on Thursday reported first-quarter net income of $145 million.

The New York-based company said it had earnings of 48 cents per share.

The results topped Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of 39 cents per share.

The online brokerage posted revenue of $553 million in the period, which also beat Street forecasts. Four analysts surveyed by Zacks expected $531.9 million.

E-Trade shares have dropped slightly since the beginning of the year, while the Standard & Poor's 500 index has climbed 5 percent. In the final minutes of trading on Thursday, shares hit $34.62, a climb of 39 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 https://www.zacks.com/ap/ETFC


Keywords: E-Trade, Earnings Report