TD Ameritrade Beats Q3 Earnings Estimates, CEO Tim Hockey To Depart In 2020

TD Ameritrade Holding Corp. (AMTD) shares ticked higher after reporting a third-quarter earnings beat.

Adjusted earnings came in at $1.04, beating estimates by 8 cents. Sales came in at $1.491 billion, beating estimates by $31 million. The company also said CEO Tim Hockey will be leaving in February of 2020. The board will begin its search for his successor.

Lead photo: Tim Hockey at the 2017 Benzinga Global Fintech Awards.

"The time I've spent working alongside my fellow Associates at TD Ameritrade has been one of the highlights of my career," Hockey said. "Together we embarked on a journey to transform lives and investing for the better, and we've accomplished a lot. I believe TD Ameritrade is well-positioned to continue as an industry leader and innovator, and until my last day, 100 percent of my energy will be focused on helping our Associates drive our strategy forward. I'm intent on keeping our momentum going, and setting up my successor for long-term success."

Highlights

  • Net revenues up 8% year-over-year
  • Net new client assets of $19.5 billion
  • Average client traders per day of 825,000, up 5% year-over-year

TD Ameritrade shares traded higher by 1.1% to $52.98 in Monday's after-hours session. The stock closed higher by 1.57% at $52.40.

Disclosure: None

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