The Charles Schwab Corporation (NYSE:SCHW) recorded its third quarter earnings results on Thursday 15th October 2020 before market open.
The company reported $ 0.48 income per share for the quarter. On adjusted basis, The Charles Schwab Corporation reported income for the quarter of $ 0.51 per share, beat the consensus estimate of $ 0.46 income per share by $ 0.05 or 10.87 percent.
The financial results for the third quarter includes certain acquisition and integration-related costs as well as the amortization of acquired intangibles, which together totaled $67 million pre-tax.
The quarterly earnings declined 31.43 percent compared with the same quarter last year.
The Charles Schwab Corporation had revenue of $ 2,448.00 million for the quarter, compared to the consensus estimate of $ 2428.50 million. The revenues outshined analysts estimates by $ 19.50 million or 0.80 percent.
The financial report showed revenues contracted 9.70 percent versus third quarter of last year.
Analysts estimates are from Thompson Reuters, exclude one time gain or loss
Walt Bettinger, CEO, said, Following yet another quarter of strong business fundamentals, we find ourselves at a pivotal moment in Schwabs history – one made possible by the groundwork we have been laying over the course of four-plus decades. As a result of our watershed acquisition of TD Ameritrade, which closed on October 6, 2020, we have created a company with tremendous reach – approximately $ 6 trillion in client assets and 28 million brokerage accounts – that will leverage the proud history of both firms by helping individual investors across every phase of their financial journey as well as support the independent advisors who serve them.
