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Waterhouse tops forecast
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February 16, 2000: 9:50 a.m. ET
Red-hot stock market fuels surge in revenue at online brokerage
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NEW YORK (CNNfn) - TD Waterhouse, one of the nation's top online brokers, benefited from a surge in trading commissions to swamp Wall Street's fiscal first-quarter earnings expectations, leading company officials to outline an ambitious growth plan for the remainder of the year.
The New York-based company posted earnings of $57 million, or 15 cents per share, for the quarter ended Jan. 31, a sharp jump from the $20.1 million, or 6 cents, it earned in the year-ago period.
Analysts polled by research firm First Call Corp. had projected earnings of 8 cents per share.
The gains were fueled by a 77 percent jump in revenue during the quarter to $381.6 million on the strength of a strong surge in trading commissions and fees.
That prompted CEO Stephen McDonald to set the company's 2000 goal on achieving 1 million new customer accounts exclusive of acquisitions, $60 billion in customer assets, and high double-digit profit growth.
At the end of the first quarter, Waterhouse boasted 3.3 million customer accounts and customer assets topping $150.3 billion. Average trades per day during the quarter rose to 190,000 from 98,000 a year earlier.
Waterhouse (TWE: Research, Estimates) shares rose 1/8 to 15-9/16 in trading Tuesday. 
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TD Waterhouse
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