Charles Schwab's 2Q Results Come In Ahead of Expectations

By Dave Sebastian

Charles Schwab Corp. (SCHW) posted higher second-quarter earnings as revenue rose.

The company's profit in the second quarter rose 8% to $937 million, or 66 cents a share, from $866 million, or 60 cents a share, in the prior year. Analysts polled by FactSet had expected earnings of 65 cents a share.

Total quarterly net revenue rose 8% to $2.68 billion from $2.49 billion a year earlier. Analysts had expected $2.67 billion.

Total expenses excluding interest were $1.45 billion, up 7% from $1.36 billion in the same period last year.

Charles Schwab is in talks to buy brokerage and wealth-management operations from USAA for roughly $2 billion, a move that would push the discount-trading pioneer further into the coveted business of financial advice, The Wall Street Journal reported.

The deal, which could bring Schwab roughly $100 billion of assets from closely held USAA, may be reached this month, people familiar with the matter told The Wall Street Journal.

Write to Dave Sebastian at dave.sebastian@wsj.com

(END) Dow Jones Newswires

July 16, 2019 09:26 ET (13:26 GMT)

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