Loading
ST. PETERSBURG -- Raymond James Financial Inc. (symbol: RJF) saw its first quarter profits fall 18% in its recently concluded quarter, as revenues decreased by 4%.
The St. Petersburg-based financial firm earned $67.3 million in profits on $798.8 million in revenues in the first quarter of its 2012 fiscal year, compared to $81.7 million earned on $830.3 million in business a year ago.
“This quarter was difficult for Equity Capital Markets as both commissions and investment banking revenues declined from the prior period,” explains CEO Paul Reilly in a release. Indeed, revenues from Raymond James' Capital Markets subsidiary fell 21% over the year to $136.1 million, while pre-tax income was down 59% to $10 million.
The company's stock opened less than 1% lower than its Wednesday close the morning after earnings were announced. Over the past year, however, Raymond James stock is down nearly 5%, to a per share price slightly greater than $34.
Your free article limit has been reached this month.
Subscribe now for unlimited digital access to our award-winning business news.
Join thousands of executives who rely on us for insights spanning Tampa Bay to Naples.
