TD Ameritrade (AMTD) - Get TD Ameritrade Holding Corporation Report shares rose in after-hours trading after the Omaha online trading company's earnings beat expectations for the fiscal fourth quarter ended Sept. 30.
GAAP earnings per share totaled $1, up 25% year-on-year, compared to the FactSet-derived forecast of 93 cents. Adjusted per-share earnings were $1.05, up 14% from a year earlier, compared to predictions of 98 cents.
Net revenue was $1.6 billion against the estimate of $1.47 billion, according to FactSet.
TD Ameritrade shares stood at $39.38 in after-hours trading, up 4.6%.
"We saw record trading in the fiscal year, averaging 860,000 trades per day, and gathered a record $93 billion in net new client assets," CEO Tim Hockey said in a statement.
Earlier this month, TD Ameritrade said it was dropping commissions for its online exchange-listed stock, ETF and option trades. The company expects a dent in revenue to the tune of $220 million to $240 million per quarter.
This article is commentary by an independent contributor. At the time of publication, the author held TK positions in the stocks mentioned.