Wednesday reported a record fourth-quarter profit, led by its investment banking and asset management businesses.
The New York-based financial services company earned $35.4 million, or 55 cents a share, vs. $30.6 million, or 55 cents a share, a year ago. Revenue was up 12% to a record $325.3. Analysts expected the company to earn 52 cents a share, according to Thomson First Call.
Investment banking revenue rose more than 7% to a record $105.7 million, while asset management-related revenue jumped 127% to a record $27.2 million. Trading revenue, however, fell to $139.1 million from $150 million in the fourth quarter of 2003.
Shares closed at $40.16 Tuesday.