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E*Trade's Balance Sheet Problems Still Loom

By Brian Gilmartin

 About this article:
 For Gilmartin's preview heading into the E*Trade Financial conference call, please click here. E*Trade Financial took some time out from producing its hilarious and what have to be very popular commercials (shankapotamus?) to report its third-quarter 2009 earnings, which were slightly better than consensus estimates. The company swung to a loss of 5 cents per share vs. analysts' estimates for a loss of 6 cents per share on net revenue of $228 million vs. the consensus estimate of $202 million. E*Trade reported total or pre-provision net revenue of $575 million, with a loan-loss of $374 million, which the Thomson Reuters estimate nets out for its further actual "net" revenue of $228 million, thus it looks like the company generated a slight upside beat in third quarter net revenue. The $374 million loan-loss provision was down sequentially from the second quarter's $404 million. Trading-related revenue looks to be better,...

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