LPL Financial Q4 Profit Up, Beats View

(RTTNews) - LPL Financial Holdings Inc. (LPLA) posted an increase in its net income for the fourth quarter, as revenues grew more than 15 percent, driven by advisor productivity and investor engagement as well as strong market appreciation. The results topped analysts' expectations.

The company reported net income for the quarter of $44.14 million or $0.43 a share, compared with $36.94 million or $0.34 a share in the year-ago quarter.

On adjusted basis, earnings totaled $0.63 a share. Analysts polled by Thomson Reuters expected the company to report earnings of $0.58 a share for the quarter. Analysts' estimates typically exclude special items.

For the fourth quarter, net revenue grew more than 15 percent to $1.09 billion, whereas analysts expected revenue of $1.07 billion.

In addition, the company said it raised its cash dividend by 26 percent to $0.24 a share, payable on March 10, 2014 to all shareholders of record on February 24, 2014.