LPL Financial Holdings Inc. (LPLA) has reported a 55.66 percent jump in profit for the quarter ended Dec. 31, 2016. The company has earned $41.74 million, or $0.46 a share in the quarter, compared with $26.81 million, or $0.28 a share for the same period last year.
Revenue during the quarter went down marginally by 1.26 percent to $1,007.46 million from $1,020.35 million in the previous year period. Total expenses were 91.08 percent of quarterly revenues, down from 93.77 percent for the same period last year. This has led to an improvement of 269 basis points in operating margin to 8.92 percent.
Operating income for the quarter was $89.84 million, compared with $63.57 million in the previous year period.
"I am honored to lead LPL into our next phase of growth," said Dan Arnold, president and chief executive officer. "We had a strong 2016 with our best recruiting year ever, and we made significant progress on service, technology, and preparing for the DOL fiduciary rule." Arnold continued, "As we look forward to 2017, our priorities are growing our core business and executing with excellence. We believe this will improve our advisors' experience, and create long-term shareholder value."
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