Seeking Alpha

RCS Financial up 4.3% after Q2 beat

  • Q2 adjusted net income of $42.6M or $0.49 per share up 12% from Q1.
  • Pro forma revenue of $825.7M up 22%. Assets under administration for Retail Advice Segment of $214.2B up $5.9B.
  • Acquisition synergies are on track and expected to be $57M-$65M on an annualized run rate this year, with incremental gains projected for next year.
  • 272 new financial advisors recruited during Q, representing $24.2M in Gross Dealer Concession, for a net increase of 34 new advisors. 97% advisor retention on a trailing 12-month GDC.
  • 2014 EBITDA guidance of $304M-$327M is confirmed. 2015 guidance will come in the Q3 report.
  • Previously: RCS Capital beats by $0.06, beats on revenue
  • RCAP +4.3%
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