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DLJ far exceeds forecasts
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April 19, 2000: 1:14 p.m. ET
Investment bank posts strong 1Q earnings on gains in fees, commissions
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NEW YORK (CNNfn) - Investment bank Donaldson Lufkin and Jenrette reported very strong first-quarter earnings Wednesday, beating analysts' consensus estimates by 43 cents a share, due to a surge in fees, commission revenue and securities trading.
New York-based DLJ earned $245.2 million, or $1.72 per diluted share, compared to $121.7 million, or 84 cents a share, for the same period a year earlier. Analysts surveyed by First Call expected earnings of $1.29 a share.
Revenue rose 67 percent to $2.49 billion from $1.49 billion in 1999, with commission revenue up 68 percent to $4 million and fee income up 47 percent to $422 million.
"All of our major business units had operating results well ahead of last year's first quarter, and significant progress was made in the development of our international businesses," said DLJ CEO John S. Chalsty in a statement.
Shares of DLJ (DLJ: Research, Estimates) fell 13/16 to 42-3/16 in midday Wednesday trading. 
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DLJ
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