To All:
EGRP should do as well as AG Edwards at least.
Brokerage Firm A.G. Edwards
Reports Earnings Jumped 23%
Dow Jones Newswires
NEW YORK -- Aided by a rebounding stock market, brokerage firm A.G. Edwards Inc. said
Friday fourth-quarter earnings rose 23%.
The St. Louis-based company reported net income totaled $73.1 million in the quarter,
compared with $59.3 million in the year-ago period. Revenue climbed to $527.6 million from
$456.4 million.
Under new accounting standards that went into effect late last year, companies must report
per-share earnings in two redefined ways, diluted and basic.
Diluted per-share earnings, or net divided by common shares outstanding plus potential
common shares from securities such as options and convertible securities, were 75 cents, up
from 60 cents a year ago. Basic per-share earnings, or net divided by shares outstanding, were
76 cents, up from 62 cents.
The latest results easily beat the First Call forecast of 67 cents a diluted share.
For the year, Edwards posted net of $269.3 million, or $2.75 a diluted share or $2.81 a basic
share, on revenue of a little over $2 billion. That was up from net of $219.1 million, or $2.24
a diluted share and $2.29 a basic share, on revenue of nearly $1.7 billion in 1997. |
