Raymond James 1Q profit edges higher

Raymond James Financial Inc.'s first-quarter earnings rose slightly as higher net interest income was offset by increased expenses, the financial services firm said Tuesday.

Net income climbed to $59.8 million, or 50 cents per share, from $59.7 million, or 50 cents per share, in the year-ago period.

The result exceeded the 42 cents per share expected by analysts surveyed in a Thomson Financial poll.

Higher net interest income helped push revenue 9 percent higher to $807.1 million from $738.3 million, and surpassed Wall Street expectations.

Chief Executive Thomas James said the struggling financial markets have seen the worst of the current crisis, "although the damage to the financial services industry is not yet over."

Raymond James shares jumped $2.69, or 11.7 percent, to $25.65 in aftermarket trading after closing at $22.96 Tuesday.