Charles Schwab beats by $0.01, reports revs in-line
- Reports Q3 (Sep) earnings of $0.42 per share, $0.01 better thanthe Capital IQ Consensus of $0.41; revenues rose 13.1% year/year to $2.17 bln vs the $2.18 bln Capital IQ Consensus.
- New retail brokerage accounts for the quarter totaled approximately 216,000, up 29% year-over-year; total accounts were 7.3 million, up 4% year-over-year.
- "Retail attracted 51% more inflows than a year ago, and the assets brought in by the independent advisor clients who custody with us rose 68%. In just nine months we've generated $136.7 billion in core net new assets -- enough to surpass all but one of our prior full-year results. Our growing client base continues to make greater use of our modern wealth management capabilities: assets receiving ongoing advisory services grew 18% from the third quarter of 2016, to a record $1.61 trillion at month-end September. Total client assets reached a record $3.18 trillion, up 17% year-over-year."