For the second quarter, E*TRADE Financial (NASDAQ:ETFC) saw a decline in net income.
Earnings and Revenue The company announced EPS of 14 cents a share against the 11 cents a share estimate. The company's reported EPS came in above the high estimate of 11 analysts of a profit of 13 cents.
The company's net income for the quarter was $39.5 million. This is a 16.1% decline from last year.
Company Fundamental Trends
History Against Expectations The company has managed to top estimates the last two quarters. In the first quarter, it beat expectations with net income of 13 cents versus a mean estimate of net income of 9 cents per share.
Official Comment: "The second quarter was another significant step forward for E*TRADE as we continued our momentum in growing the brokerage franchise and in reducing our legacy credit exposure" said Steven Freiberg, Chief Executive Officer. "Our growth in accounts and assets is on track to exceed last year's results, and our credit costs are at a five year low. While we are encouraged by this performance, we continue to face a challenging macro-economic environment with low levels of retail investor engagement. Accordingly, we are increasing our focus on strategic cost management, deleveraging, and risk reduction to provide a solid basis for earnings and capital efficiency."
Estimates provided by Zacks Investment Research and company fundamentals from Xignite Financials.