Raymond James’ Q3 results reflect challenges
July 30, 2022 - St. Petersburg-based Raymond James Financial Inc. (RJF) released its earnings report for the third quarter, showing a drop in profit but gains in other areas. The company's earnings were $299 million, or $1.38 per share. At the same time last year, it was $307 million, or $1.45 per share. Excluding $65 million of expenses related to acquisitions, quarterly adjusted net income available to common shareholders was $348 million. However, quarterly net revenues of $2.72 billion, up 10% over the prior year’s fiscal third quarter. “Despite the challenging economic conditions during the quarter, our solid financial performance reinforces our diversified and client-focused business model. Furthermore, strong financial advisor retention and recruiting results helped us achieve attractive organic growth, with domestic private client group net new asset growth of 9.4% over the prior 12 months,” Chair and CEO Paul Reilly said in the company's report, noting how the company acquired TriState and SumRidge Partners. "Despite sharp equity market declines in the quarter, which are expected to negatively impact asset-based revenues in the fiscal fourth quarter, we are well positioned for the expected continued rise in short-term interest rates. Our strong balance sheet provides flexibility in this challenging and uncertain market environment," he said.