E*Trade Q4 Results Top Estimates

(RTTNews) - E*Trade Financial Corp. (ETFC) reported net income for the fourth quarter of $41 million or $0.14 per share, compared to $58 million or $0.20 per share for the year-ago quarter.

Excluding a $59 million pre-tax loss on early extinguishment of corporate debt, the latest quarter net income would have been $78 million or $0.26 per share.

Total net revenue for the fourth quarter rose to $461 million from $446 million a year ago.

Analysts polled by Thomson Reuters expected the company to earn $0.23 per share on revenue of $445.11 billion for the fourth quarter. Analysts' estimates typically exclude special items.

The company also said that it has received regulatory approval to operate E*Trade Bank at a Tier 1 leverage ratio of 9.0%; and realign its organizational structure by moving its two broker-dealers, E*Trade Securities and E*Trade Clearing, from under E*Trade Bank, which will simplify the distribution of capital generated by those entities to the parent.