Brokerage company TD Ameritrade Holding Corp (NASDAQ:AMTD) reported strong full-year fiscal 2018 numbers on Monday, while fourth quarter results also came in higher than expected as brokerage revenue bolstered its bottom line.
In a statement, TD said trading was strong throughout the year, averaging a record 811,000 trades per day, with 16 days peaking at a million trades or more.
"We also gathered a record $92 billion in net new client assets in the midst of a major client integration, driven by record asset gathering from our institutional channel and efficient and effective marketing efforts,” said Tim Hockey, TD Ameritrade president and chief executive officer.
The company said net revenue for the fiscal year ending on September 30 reached $5.5 billion, up 48% from the year ago level. GAAP Earnings per share was at $2.59 on net income of $1.47 billion, up 58% from the year-ago mark.
Shares of the company were off 0.5% at $49.61 in after-hours trading on Monday, having settled 1.21% lower at $49.87.
READ: TD Ameritrade beats Wall Street estimates in Q3; revenues skyrocket 80%
“As we look forward, we’re well positioned for future growth with strategic plans in place which we expect will further boost our resiliency, revenue growth and market share," said Steve Boyle, executive vice president and chief financial officer.
As for fiscal fourth quarter results, the company said net revenue came in at $1.4 billion, slightly above the expected $1.39 billion and the year-ago quarter of $983 million.
For fiscal 2019, the company is forecasting a "low end" of $5.75 billion in revenue and a range of $2.9 billion to $3 billion in operating expenses.
TD Ameritrade is a brokerage company. It is based in Omaha, Nebraska, with a major trading center in St Louis, Missouri. Toronto-Dominion Bank is the largest shareholder of TD.
Reporting by Rene Pastor, contact him at rene.pastor@proactiveinvestors.com