Make us your home page
Instagram

Raymond James Financial profits drop 39 percent in third quarter

Raymond James Financial posted a 39 percent drop in third quarter profits Wednesday, with commissions, fees and investment banking revenue still far shy of year-ago levels. But the St. Petersburg firm's comparisons to the preceding quarter were far more favorable: a 600 percent increase in net income and 6 percent increase in net revenues. "The market rally in the June quarter was sufficient to generate a material increase in profits from the second quarter, but not nearly enough to emulate the record revenues and net income attained in last year's comparable quarter," chief executive Tom James said. The company made $42.6 million, or 36 cents per share in the quarter ending June 30, down from $69.9 million, or 59 cents a share, in the year-ago period. Net revenues fell 16 percent to $625 million. Raymond James' banking unit swung back to profitability from the second quarter, with pre-tax profits of $27.4 million, despite allocating another $29.8 million to offset possible loan losses.

Raymond James Financial profits drop 39 percent in third quarter 07/22/09 [Last modified: Wednesday, July 22, 2009 7:20pm]
Photo reprints | Article reprints

© 2017 Tampa Bay Times

    

Join the discussion: Click to view comments, add yours

Loading...
  1. Unexpected weak quarter at MarineMax slashes boating retailer shares by 20 percent

    Business

    CLEARWATER — Just then you thought it was safe to go back into the water, a boating business leader issued a small craft warning.

    Bill McGill Jr., CEO of Clearwater's MarineMax, the country's biggest recreational boat retailer. [Courtesy of MarineMax]
  2. CapTrust moving headquarters to downtown Park Tower

    Corporate

    TAMPA — CAPTRUST Advisors, a Raleigh, N.C.-based investment consulting firm, is moving its Tampa offices into Park Tower. CapTrust's new space will be 10,500 square feet — the entirety of the 18th floor of the downtown building, which is scheduled to undergo a multi-million-dollar renovation by 2018.

    CAPTRUST Advisors' Tampa location is moving into Park Tower. Pictured is the current CapTrust location at 102 W. Whiting St. | [Times file photo]
  3. Good news: Tampa Bay no longer a major foreclosure capital of the country

    Real Estate

    Once in the top five nationally for foreclosure filings, the Tampa Bay area no longer makes even the top 25.

    A few short years ago, Tampa Bay was a national hub for foreclosures. Not any more. [Getty Images/iStockphoto]
  4. Tampa-based start-up takes on Airbnb by promoting inclusion, diversity

    Tourism

    NEW TAMPA — Last May, Rohan Gilkes attempted to book a property in Idaho on the home-sharing platform Airbnb. After two failed attempts, the African-American entrepreneur asked a white friend to try, and she was "instantly" approved for the same property and dates.

    Rohan Gilkes poses for a portrait at his home and business headquarters in Tampa. 

Innclusive, a Tampa-based start-up, is a home-sharing platform that focuses on providing a positive traveling experience for minorities. Rohan Gilkes, the founder, said he created the organization after several negative experiences with Airbnb.
[CHARLIE KAIJO   |   Times]

  5. McMansions, state sewage order on tap at St. Petersburg City Council

    Local Government

    ST. PETERSBURG — The City Council is set Thursday to vote on two major issues: controversial zoning changes aimed at curbing big McMansion-style homes and a consent order with the state that will require St. Petersburg to fix its ailing sewage system.

    Two big, blocky homes on the 2300 block of Dartmouth, Ave N under construction in April. Several new homes under construction.
in St. Petersburg's Historic Kenwood Neighborhood are too big, residents complain. The St. Petersburg City Council on Thursday is set to consider ordinances aimed at curbing the construction of big "McMansions." [LARA CERRI   |   Times]