Canaccord Genuity Beats Analysts’ EstimatesDoug Alexander
Canaccord Genuity Group Inc., 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).