Raymond James Financial Reports Increased Earnings in Q3

Raymond James Financial has announced a significant increase in earnings for its fiscal third quarter. The company experienced a 7% jump in revenue, attributed to higher interest rates and fees.

Strong Financial Performance

The investment holding company recorded a profit of $369 million, or $1.71 per share, for the quarter ending June 30. This is compared to $299 million, or $1.38 per share, in the same period last year. Adjusted earnings, which exclude one-time items, amounted to $1.85 per share. While this figure fell short of analysts' expectations of $2.15 per share, it still represents a positive performance for Raymond James Financial.

Robust Revenue Growth

Revenue for the quarter reached $2.91 billion, up from $2.72 billion in the previous year. This figure aligns with the market consensus according to FactSet.

Offsetting Declines

Raymond James Financial's success can be attributed to higher short-term interest rates and fees from third-party banks. These gains offset declines in revenue across its investment banking, brokerage, and asset management segments.

Record-High Assets Under Administration

The company's private client group saw an impressive increase in assets under administration, reaching a record-high of $1.28 trillion.

Despite these positive results, shares in Raymond James Financial experienced a 2% decrease in aftermarket trading, falling to $108.53.