Raymond James Reports Profits Rise, Slower than Prior Quarter

Earnings Reuters

Brokerage and investment bank Raymond James Financial Inc (RJF) said on Wednesday its revenues climbed to a record high $1.29 billion in the fiscal fourth quarter, up 14 percent from last year, while profits climbed more slowly than the previous quarter.

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The St. Petersburg, Florida-based company reported profits climbed 16 percent from last year, less than the fiscal third quarter's sharp 46 percent jump, as acquisition-related expenses capped incomes.

Net income rose to $136.36 million, or 94 cents per share, for the fiscal fourth quarter ended Sept. 30, from $117.46 million, or 82 cents per share, a year earlier.

Analysts on average had expected earnings of 85 cents per share on revenue of $1.24 billion, according to Thomson Reuters I/B/E/S.

Annual revenues rose 8 percent over last fiscal year to $4.86 billion for the fiscal year 2014, boosted by $74 million in revenues from a private equity investment that was sold. Annual income rose 31 percent over last year to $480.2 million.

Quarterly asset management revenue grew 17 percent to $94.9 million, helped by strength in the equity market, as financial assets under management rose 15.4 percent over last fiscal year to $64.6 billion.

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Investment advisory fees rose 14 percent since last year to $91.8 million.

Raymond James added 68 advisers firm-wide over the fiscal year, bringing its total adviser headcount to 6,265, up from 6,197 as of Sept. 30, 2013.

Most advisers, 54 in total, joined the firm's Raymond James Financial Services division, the independent broker-dealer arm. Nineteen advisers joined Raymond James & Associates, the firm's employee broker-dealer branch. 

(Reporting by Elizabeth Dilts; Editing by Chris Reese and James Dalgleish)