TD Ameritrade Meets Earnings Forecast; Affirms View

TD Ameritrade Holding Corp. (AMTD) reaffirmed its full-year profit outlook as the company’s second-quarter earnings matched the consensus.

For 2009, the company expects earnings between 90 cents and $1.15 per share. Brokerage analysts are expecting 98 cents. The last month has seen 3 analysts revise their expectations upward and 2 analysts revise their expectations downward.

Meanwhile, the consensus estimate for next year has increased to $1.15 per share from last month’s $1.13.

TD Ameritrade earned 23 cents per share for the second quarter, which was in line with the consensus. Earnings were impacted by the fall in interest rates that reduced income from managing client assets. Sales plunged almost 16% to $525.5 million.

Meanwhile, the company indicated that it handled an average of 324,837 trades per day during the quarter, 8% more than the year-ago period. As a result of the increase in trades, Ameritrade’s transaction-based revenue grew nearly 8% to $265.4 million.

Shares are up more than 6% today on lower-than-normal volume of almost 1.9 million, compared with the average of 4.7 million.

Ameritrade is a Zacks #3 Rank (”Hold”) stock.

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