AG Edwards Net Rises 50%

Stock quotes in this article: AGE  

Profits at AG Edwards(AGE Quote) rose 50% in the first quarter, fueled by strong gains in commissions and asset management fees.

The strong earnings from the mid-market brokerage come a day after Wall Street titan Morgan Stanley(MS Quote) said its second-quarter profits more than doubled from last year.

In the quarter, St. Louis-based AG Edwards earned $77.6 million, or $1.01 a share, up from $51.8 million, or 67 cents a share. Net revenue rose 17% to $768 million.

AG Edwards' earnings and revenue easily surpassed the Thomson Financial consensus estimate. Analysts had predicted the firm would earn 88 cents a share on revenue of $733 million.

Commission revenue rose 12% to $276 million in the quarter. Asset management fees rose 23% to $307 million.

But AG Edwards did not fare as well as its bigger Wall Street peers when it came to investment banking activities. Revenue from traditional investment banking fell 18% to $48 million in the quarter.

In early trading, shares of AG Edwards were up $2, or 4%, to $53.42.

  • Loading Comments...
  •  

SHARE:

  • email
  • print
  • comment
  • digg
  • delicious
  • linkedin

Recent Comments





Connect with TheStreet

Dow Jones S&P 500 NASDAQ 10-Year Note
10,309.92 1,091.49 2,138.44 32.40
Oil *
77.18
DOWN
154.48
DOWN
19.14
DOWN
37.61
UP
0.09
10 Yr
3.24%
SPDR Gold
115.06
-1.48%
-1.72%
-1.73%
+0.28%
Data delayed 20 minutes

Brokerage Partners

TheStreet Premium Services

All Services