Monday, April 15, 2013

Reuters: Global Markets: Schwab first-quarter earnings rise but miss estimates

Reuters: Global Markets
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Schwab first-quarter earnings rise but miss estimates
Apr 15th 2013, 13:22

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A Charles Schwab Investment branch is seen in Washington January 19, 2010. REUTERS/Jim Young

A Charles Schwab Investment branch is seen in Washington January 19, 2010.

Credit: Reuters/Jim Young

Mon Apr 15, 2013 9:22am EDT

(Reuters) - Charles Schwab Corp's (SCHW.N) first-quarter earnings rose 6 percent but fell short of analysts' expectations as client trading activity remained lukewarm and one-time expenses increased.

The San Francisco-based retail brokerage giant said on Monday that net income climbed to $206 million, or 15 cents a share, from $195 million, or 6 cents a share, a year earlier. Analysts' average forecast was 16 cents a share, according to Thomson Reuters I/B/E/S.

Revenue rose 8 percent $1.29 billion, just above analysts' forecast of $1.27 billion.

The company repeated its forecast from February that it expects earnings per share in the mid-70-cent range for the full year and a pretax profit margin of at least 30 percent.

Schwab also had warned that expenses related to benefits and a new commission structure would cost an additional $30 billion in the first quarter, causing the company to curb some aggressive marketing and technology spending plans.

(Reporting By Jed Horowitz; editing by John Wallace)

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