Thursday, June 21, 2018
Business

Raymond James posts record quarterly profits, revenues

Raymond James Financial hit a fiscal trifecta Wednesday as it reported record quarterly profits and record revenues while exceeding analyst's expectations.

The St. Petersburg-based brokerage and financial services firm reported net income of $122.7 million for the fiscal third quarter ended June 30, up 33 percent from the year-ago period, which also included acquisition-related expenses of $13 million.

Per share earnings of 85 cents beat analysts' estimates by 9 cents a share.

Revenues rose 9 percent, from $1.1 billion to $1.2 billion.

CEO Paul Reilly said the company reached its performance targets for the current market and interest rate environment sooner than expected.

Results were announced after the close of market Wednesday.

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