Raymond James Financial posted a 45 percent jump in net income in its second fiscal quarter, riding an increase in both its capital markets business and client investments under management.
The St. Petersburg financial services firm on Wednesday reported net income of $80.9 million, or 64 cents a share, in the quarter ended March 31, up from $55.6 million, or 45 cents a share, a year earlier. Analysts had projected Raymond James would earn 62 cents per share. Net revenue rose 16 percent to $852.1 million, up from $734.4 million in the year-ago period.
Over the quarter, assets under administration in its private client group reach a record $275 billion, while assets under management also grew to a record $35.6 billion.
Chief executive Paul Reilly said the growth in both revenue and assets "demonstrate the underlying strength of the firm through this economic recovery."
Raymond James announced results following the close of market Wednesday. Shares were unchanged at $36.94 in early, after-hours trading.
Media General posts loss of $25.8 million
Media General, the Richmond, Va., parent company of the Tampa Tribune, WFLA-Ch. 8, and tbo.com, blamed soft newspaper advertising in posting a net loss of $25.8 million in its first quarter.
The loss, which translates to $1.15 per share, compares with a loss of $16.7 million, or 75 cents a share, in the year-ago quarter, the company reported Wednesday. Total quarterly revenue fell by $9.9 million, or 6.2 percent, to $148.9 million.
Publishing revenue was down 9.8 percent. Classified advertising alone fell 17.8 percent, driven by fewer foreclosure notices and continued weakness in real estate and employment classifieds, Media General said.
The Florida market lost $3.1 million, compared with a profit of $1.2 million a year ago, due mostly to a drop in print advertising and the absence of Olympics revenue, which helped Channel 8 a year ago.
Shares in the company closed Thursday at $5.50 a share, down 92 cents or 14 percent.
Apple: Apple nearly doubling its second-quarter net income and far exceeding analyst estimates in reporting a profit of $5.99 billion, or $6.40 per share, up 95 percent from $3.07 billion, or $3.33 per share, a year ago. Revenue was $24.7 billion, up 83 percent from $13.5 billion a year ago. The results were lifted by the sale of 18.65 million iPhones, millions more than analysts had expected.
AT&T: AT&T's net income rose 39 percent to $3.41 billion, or 57 cents per share, for the January-March period, up from $2.45 billion, or 42 cents per share, a year ago. The earnings increase was mainly due to a reduction in taxes.
AMR: American Airlines' parent lost $436 million in the first quarter as it battled rising jet fuel prices, likely foreshadowing huge losses at other major U.S. airlines. A year ago, AMR lost $505 million, or $1.52 per share. Revenue rose 9.2 percent to $5.53 billion.
IBM: The computer and consulting-services company's first-quarter net income rose 10 percent to $2.86 billion, or $2.31 per share. In the year-ago period, IBM earned $2.6 billion, or $1.97 per share. Revenue rose 8 percent to $24.6 billion.
Intel: The world's largest computer chip maker reported that its first-quarter net income jumped 29 percent $3.16 billion, or 56 cents per share, as corporate demand for new PCs led to lots of orders for Intel chips. A year ago, Intel earned $2.44 billion, or 43 cents per share. It brought in revenue of $12.8 billion, a 25 percent increase from $10.3 billion a year ago and higher than the $11.6 billion that analysts expected.