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Raymond James' net income rises in fiscal Q4 as revenues increase 7% YOY

Raymond James Financial Inc.'s adjusted net income rose to $284 million, or $2.00 per share, during the fiscal fourth quarter, up from $251 million, or $1.68 per share, a year earlier.

The S&P Global Market Intelligence consensus estimate for both normalized and GAAP EPS was $1.91.

The adjusted EPS figures exclude a $19 million goodwill impairment tied to its Canadian Capital Markets business. When including that figure, the firm's GAAP net income grew to $265 million, or $1.86 per share, during the quarter. That was up from $263 million, or $1.76 per share, a year earlier.

The Saint Petersburg, Fla.-based's net revenues increased to $2.02 billion for the fiscal fourth quarter ended Sept. 30, a 7% increase from the roughly $1.90 billion figure in the year-ago quarter. It reported a pretax margin for the quarter of 17.5%, along with an adjusted return on equity for the quarter of 17.3%.

Pretax income at the firm's capital markets division fell to $33 million, down from $48 million in the year-ago quarter. The company said the figure was affected by the $19 million goodwill impairment.

The company's private client group saw its pretax income tick up to $143 million, up from $131 million in the year-ago quarter. Its asset management business' pretax income also increased, rising to $69 million in the quarter compared to $64 million a year earlier.

Meanwhile, Raymond James Bank NA's pretax income for the quarter increased to $131 million, up slightly from $130 million a year earlier.

For the company's full fiscal year 2019, net income jumped to $1.03 billion, or $7.17 per share, compared to $857 million, or $5.75 per share, in fiscal year 2018. Adjusted net income for the year was nearly $1.07 billion, or $7.40 per share, up from $965 million, or $6.47 per share, in the prior fiscal year.

The S&P Global Market Intelligence consensus normalized EPS estimate for full year 2019 was $7.31, and the consensus estimate for GAAP EPS was $7.13.