Newspaper article THE JOURNAL RECORD

Merrill Lynch Profits Jump 34%

Newspaper article THE JOURNAL RECORD

Merrill Lynch Profits Jump 34%

Article excerpt

NEW YORK (AP) -- Second-quarter earnings at brokerage Merrill Lynch & Co. rose 34 percent to $902 million, helped by strong underwriting revenue. The results beat analysts' expectations.

The New York-based company earned $902 million, or $2.01 per share in the three months ended June 30, compared with $673 million, or $1.57 per share in the year-ago period.

Analysts surveyed by First Call/Thomson Financial were expecting $1.70 per share.

Revenues for the quarter were $6.7 billion, up 23 percent from $5.4 billion in the year-ago period.

Merrill Lynch, the nation's largest full-service brokerage, said it achieved the results despite a stock market slump that has the Nasdaq composite index currently 13 percent off its March high and a Dow Jones Industrial Average that's down 6 percent on the year.

"This performance underscores the diversity of our global franchise, with our corporate and institutional client business showing particular strength worldwide," said David Komansky, Merrill's chairman and chief executive officer. …

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