LPL Financial Holdings Inc. (LPLA) has reported a 26.56 percent rise in profit for the quarter ended Sep. 30, 2016. The company has earned $51.95 million, or $0.58 a share in the quarter, compared with $41.05 million, or $0.43 a share for the same period last year.
Revenue during the quarter dropped 3.54 percent to $1,017.44 million from $1,054.74 million in the previous year period. Total expenses were 90.95 percent of quarterly revenues, down from 92.21 percent for the same period last year. This has led to an improvement of 126 basis points in operating margin to 9.05 percent.
Operating income for the quarter was $92.11 million, compared with $82.18 million in the previous year period.
"We are pleased to deliver another solid quarter, as our business continues to gain momentum, especially on recruiting," said Mark Casady, chairman and chief executive officer. "We have made significant progress on our primary focus areas of service, technology, and risk management, and our advisors and institutional clients are experiencing the benefits of this progress as they serve investors and work to grow their businesses."
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