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TD Ameritrade says fourth-quarter profit fell nine per cent

From Josh Funk, The Associated Press, October 27, 2009 - 7:32 p.m.

TD Ameritrade says fourth-quarter profit fell nine per cent

By Josh Funk, The Associated Press

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OMAHA, Neb. - TD Ameritrade Holding Corp. said Tuesday investors kept its online trading operations busy in its latest quarter as the markets improved but lower interest rates and rising expenses sent its profit down nine per cent compared with a year ago.

Ameritrade said it handled 35 per cent more trades per day on average and its trading-based revenue soared almost 38 per cent in its fourth quarter.

The company's acquisition earlier this year of options-trading specialist thinkorswim helped it top trading numbers from last fall's panicked selling during the turmoil around the bankruptcy of Lehman Brothers. And retail traders stayed engaged in the improving market.

The average number of trades it handled soared to an average of 410,576 trades per day in the quarter.

But Ameritrade said low interest rates drove its asset-based revenue, which includes money earned on its customers' deposit accounts and various investment products, down 29 per cent. The net effect was a slim 1 per cent increase in overall revenue.

It said higher expenses - mostly associated with the thinkorswim acquisition - also hurt its profit.

Ameritrade earned US$156.7 million, or 26 cents per share, in the quarter that ended Sept. 30, down from $172 million, or 29 cents per share, a year ago. Revenue edged up to $657.9 million from $649.2 million a year ago.

Analysts surveyed by Thomson Reuters expected earnings of 22 cents a share on $630.48 million in revenue.

Its shares slipped 21 cents, or 1.1 per cent, to close at $19.27 Tuesday. Its shares are still closer to the high end of their 52-week range of $9.34 to $20.93.

Over the past year, Ameritrade has tried to limit its costs, boosted advertising to attract more business and acquired thinkorswim.

"We couldn't control the markets and we couldn't control interest rates, so we focused on the things we could control," said Fred Tomczyk, Ameritrade's CEO and president.

The Omaha-based company expects to earn between $1.10 and $1.40 per share in its 2010 financial year. Analysts are looking for $1.29 a share.