February 10, 2011 / 11:49 AM / in 7 years

UPDATE 1-Canaccord Financial Q3 tops Street view

* Q3 adj EPS C$0.54 vs est C$0.31

* Q3 rev up 47 pct

Feb 10 (Reuters) - Canadian brokerage Canaccord Financial Inc said its third-quarter profit nearly tripled, helped by a rise in revenue from its advisory business.

Net income was C$42.7 million ($42.93 million), or 51 Canadian cents a share, compared with C$15.1 million, or 27 Canadian cents a share, a year ago.

Excluding merger related expenses, earnings were 54 cents a share, beating analysts’ estimates of 31 Canadian cents a share.

Revenue rose 47 percent to C$254.8 million, above analysts’ expectations of C$208.8 million.

Advisory fees rose 299 percent to C$25.2 million.

“The significant increase in advisory revenue we achieved this quarter reveals the kind of earnings power we believe is possible through our much larger M&A and restructuring team,” Chief Executive Paul Reynolds said in a statement.

Canaccord is best known for a strong presence in Canada’s mining sector, particularly among juniors and midcaps. The company, with 37 offices worldwide, has also developed a strong presence in China.

Shares of the Vancouver-based company closed at C$16.25 on Wednesday on the Toronto Stock Exchange. (Reporting by Supantha Mukherjee in Bangalore) ($1=.9947 Canadian Dollar)

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