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Raymond James sees net income decrease YOY in fiscal Q3

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Raymond James sees net income decrease YOY in fiscal Q3

Raymond James FinancialInc. reported fiscal third-quarter net income attributable to the companyof $125.5 million, or 87 cents per share, compared with $133.2 million, or 91 centsper share, in the prior-year period.

Excluding $13.4 million of acquisition-related expenses, adjustednet income attributable to the company for the fiscal quarter was $134.0 million,or 93 cents per share, on a non-GAAP basis.

The S&P Capital IQ consensus normalized EPS estimate forthe fiscal quarter was 90 cents.

Net revenues for the period were $1.36 billion, up from $1.32billion in the prior-year quarter. The company generated a pretax margin on netrevenues of 14.6% and an annualized return on equity of 10.7% during the quarter.

The private client group recorded pretax income of $81.9 million,compared with $86.4 million in the fiscal third quarter of 2015. The capital marketsbusiness saw pretax income grow to $32.8 million in the quarter from $18.3 millionin the prior-year period. The asset management segment logged pretax income of $32.5million, compared with $31.6 million in the prior-year period.

Raymond James BankNA's pretax income rose to $88.9 million in the fiscal third quarterfrom $78.0 million in the prior-year period.