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FCStone Group's Fiscal 4Q Profit Surges
FCStone Group Inc. said Thursday its profit surged in the fiscal fourth quarter as clients flocked to the commodity risk manager amid wild swings in the markets for oil and grain.
In the quarter ended Aug. 31, FCStone Group earned $12 million, or 42 cents per share, compared with income of $3.9 million, or 18 cents per share, in the year-ago quarter. Analysts expected profit of 21 cents per share, according to a Thomson Financial survey.
Revenue, which the company collects by charging fees for advice and trading services, plunged to $75.6 million from $317.1 million. The year-ago period included $269.3 million in revenue from sales of commodities. Analysts expected revenue of $61.3 million in the recent quarter.
Income rose in the recent quarter in part because the company recorded $264.5 million in cost of commodities sold in the 2006 quarter.
FCStone Group Inc. said Thursday its profit surged in the fiscal fourth quarter as clients flocked to the commodity risk manager amid wild swings in the markets for oil and grain.
In the quarter ended Aug. 31, FCStone Group earned $12 million, or 42 cents per share, compared with income of $3.9 million, or 18 cents per share, in the year-ago quarter. Analysts expected profit of 21 cents per share, according to a Thomson Financial survey.
Revenue, which the company collects by charging fees for advice and trading services, plunged to $75.6 million from $317.1 million. The year-ago period included $269.3 million in revenue from sales of commodities. Analysts expected revenue of $61.3 million in the recent quarter.
Income rose in the recent quarter in part because the company recorded $264.5 million in cost of commodities sold in the 2006 quarter.
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