Canaccord Genuity Beats Analysts’ Estimates

Canaccord Genuity Group Inc. (CF), Canada’s largest non-bank brokerage, reported fiscal third-quarter profit rose 78 percent after posting record results at its U.K. and European operations.

Profit for the period ended Dec. 31 was C$18.3 million ($16.5 million), or 14 cents a share, compared with C$10.3 million, or 8 cents, a year earlier, the Toronto-based firm said today in a statement. Revenue was almost unchanged at C$231 million.

“Our strong results were driven by the record performance in the U.K. and Europe, and we were pleased with the record contribution made by our Australian operations,” Chief Executive Officer Paul Reynolds, 50, said in the statement.

Canaccord Genuity said it earned 17 cents a share excluding some items, beating the 15-cent average estimate of five analysts surveyed by Bloomberg.

Canaccord Genuity rose 0.6 percent to C$6.87 at 4 p.m. in Toronto. The stock has fallen 1.2 percent this year, compared with the 4.2 percent decline of the Standard & Poor’s/TSX Financials Index.

(Canaccord Genuity will hold a conference call to discuss quarterly results at 5 p.m. Toronto time at +1-647-427-7450 or 1-888-231-8191).

To contact the reporter on this story: Doug Alexander in Toronto at dalexander3@bloomberg.net

To contact the editors responsible for this story: Peter Eichenbaum at peichenbaum@bloomberg.net; David Scanlan at dscanlan@bloomberg.net

Press spacebar to pause and continue. Press esc to stop.

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.