- E*Trade (NASDAQ:ETFC) initiates a quarterly cash dividend of 14 cents per share and starts a new $1B share repurchase program.
- ETFC +0.2% in after-hours trading.
- E*Trade Q3 EPS, excluding a 12-cent benefit related to provision for loan losses and other items, comes to 88 cents a share, exceeding consensus by 6 cents.
- Q3 total net revenue of $720M represents a quarterly record and beat consensus by $9.1M; compares with Q2 net revenue of $710M and Q3 2017 net revenue of $599M.
- Q3 net interest income of $466M vs. $453M in Q2 and $391M a year ago; net interest margin of 310 basis points vs 302 bps in Q2 and 285 bps a year ago.
- Q3 adjusted operating of margin of 48% vs. 46% in Q2 and 42% a year ago.
- Q3 daily average revenue trades of 266,290, including derivative DARTs of 85,977, vs 258,844 in Q2.
- Total trades in the quarter were 16.6M, unchanged from Q2, and up from 12.9M in Q3 2017.
- Q3 adjusted return on common equity 16% vs. 15% in Q2 and 10% in year-ago quarter.
- Previously: E*TRADE Financial beats by $0.06, beats on revenue (Oct. 18)