Charles Schwab Profit And Sales Match Expectations

Charles Schwab Corp. reported on Thursday third-quarter net earnings that rose to $376 million, or 28 cents a share, from $321 million, or 24 cents a share, in the same period a year ago. Excluding non-recurring items, such as a $14 million tax benefit, adjusted earnings per share would be 27 cents, matching the FactSet consensus. Revenue rose 3% to $1.6 billion, in line with the FactSet consensus. Total client assets increased 1% to $2.42 trillion, while market valuations on client portfolios were reduced by $117.5 billion over the last 12 months. Retail brokerage accounts increased 12% to 6.8 million. "Our diversified revenue sources continued to support solid financial performance during the third quarter, even in the face of deteriorating equity market valuations," said Chief Financial Officer Joe Martinetto. The stock, which was still inactive in premarket trade, has tumbled 17% over the past three months while the S&P 500 has slipped 5.4%.

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