3.01%QQQQ 43.66 3.24%XLF 20.98 4.90%
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ST. LOUIS - Investment bank Stifel Financial Corp. said Tuesday fourth-quarter earnings increased 92 percent due to rapid growth in commission and principal transaction revenue.
| SF | 39.81 |  -1.79 |
Net income rose to $13.8 million, or 77 cents per share, from $7.2 million, or 51 cents per share, during the same period the previous year.
Removing acquisition-related charges, Stifel Financial's earnings were $20.5 million, or $1.14 per share.
Analysts polled by Thomson Financial, on average, forecast earnings of 83 cents per share for the quarter. Analysts generally don't include special charges in their earnings estimates.
Stifel Financial's revenue increased 63 percent to $212.2 million during the quarter.
Revenue skyrocketed because of 67 percent growth in commission fees. Stifel Financial generated $90.6 million from commissions during the fourth quarter.
Principal transaction revenue more than doubled to $47.7 million.
Investment banking revenue fell 1 percent to $31.4 million.
For the full year, earnings rose to $32.2 million, or $1.88 per share, from $15.4 million, or $1.11 per share, in 2006.
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