Raymond James continues gains

Raymond James Financial Inc. saw profits increase in the third quarter of 2010, relative to the three months that immediately preceded it. The company brought in $60.69 million in net income, up slightly from the second quarter total of $55.63 million.

The increase is much more pronounced compared to last year's third quarter, when net income was $42.60 million. But Raymond James CEO Paul Reilly recognizes that gains relative to 2009 are only worth so much.

“While we're pleased that third-quarter results compare favorably to the prior year, the positive comparison is not surprising given the financial crisis that persisted in 2009. Nonetheless, it's rewarding to have the trend continue in relation to the most recent quarter, even as the markets retracted midway,” Reilly said.

Reilly explained that taking a varied approach to doing business, while avoiding risk, led to the company's most recent success.

“The firm's diversified business strategy and commitment to conservative decision making continues to deliver solid results even in uncertain times,” he said.

The most recently concluded three months marks the 90th consecutive profitable quarter for the St. Petersburg-based company.