Raymond James delivers record quarter

ST. PETERSBURG — Raymond James Financial Inc. reported record net revenues of $1.2 billion and record net income of $122.7 million for the fiscal third quarter ended June 30. The company also had record earnings per diluted share of $0.85 an increase of 44% compared to the same quarter a year ago. However, that same third fiscal quarter in 2013 included $13 million of acquisition-related expenses. Excluding those acquisition related expenses, earnings per diluted share increased 31% over the same quarter.

It also recorded quarterly net revenues of $816.9 million, up 10% over the prior year's fiscal third quarter and 1% over the recent second fiscal quarter.

The company also set another record with client assets under administration of $479 billion, up 18% over the prior year and 5% over the preceding quarter.

“We are very proud of our performance for the first three quarters of the fiscal year, as we generated a 15% pre-tax margin on net revenues and delivered an 11.9% annualized return on equity to our shareholders, essentially reaching our targets for the current market and interest rate environment sooner than expected,” CEO Paul Reilly says in a press release. “While we exceeded those targets in the current quarter, results were lifted by certain favorable items including $8 million of private equity valuation adjustments, a strong quarter in Raymond James Tax Credit Funds, and a continuing beneficial tax rate.”