posted a 41% increase in its second-quarter profit, lifting the company's shares in afternoon trading Thursday.
The brokerage firm said a surge in investment banking and commission revenue helped its results. Recently, A.G. Edwards shares were up $2.57, or 7%, at $39.47.
For the quarter ended Aug. 31, the company earned $37 million, or 46 cents a share, compared with $27 million, or 33 cents a share, in the previous-year period. Analysts were expecting the company to earn 34 cents a share.
Total revenue was $569 million. Investment banking revenue increased 32% to $23 million. Commission revenue rose to $44 million, up 20% from last year, but asset management and service fee sales fell 1% to $2 million.