TD Ameritrade profit, outlook beat Street; co raises dividend
Oct 29 (Reuters) - Online trading platform provider TD Ameritrade Holding Corp's quarterly profit fell 7 percent as volumes continued to lag, but the company forecast 2013 earnings largely above consensus.
The No. 1 U.S. discount broker by volume said it expects 2013 earnings of between $1.00 and $1.20 per share. Analysts were expecting $1.09 per share, according to Thomson Reuters I/B/E/S.
The company earned $143 million, or 26 cents per share, in the fourth quarter, down from $154 million, or 28 cents per share, a year earlier.
Net revenue fell 3 percent to $647 million. The firm's clients made an average of 328,280 trades a day in the quarter, down from 415,739 per day a year earlier.
Analysts on average were expecting the brokerage to earn 25 cents per share on revenue of $642 million.
TD Ameritrade, which gets more than 40 percent of its revenue from trading fees and commissions, also raised its quarterly dividend by 50 percent to 9 cents per share.
TD Ameritrade's largest shareholder is Toronto Dominion Bank , Canada's No. 2 lender, with a stake of about 45 percent.
Separately, TD Bank said it expects TD Ameritrade's results to contribute C$51 million to its fourth quarter profit.
TD Ameritrade shares closed at $15.88 on Friday on the New York Stock Exchange.
© Thomson Reuters 2016 All rights reserved.