Trimmer Stifel reports earnings hike

Stifel reported increased earnings for the third quarter, after significant expense cuts.
The St. Louis, Mo.-based financial services firm reported $8.1 million, 45 cents per share, in net income for third quarter 2007, compared to $1.4 million, 8 cents per share, last quarter.
More than $37 million in employee compensation and benefits cuts contributed the drastic increase in profit from the second quarter.
Stifel reported $190.8 million in revenue, compared to $220.6 million last quarter. In the third quarter of 2006, the company earned $5.4 million.
Stifel’s assets under management increased to $27.1 million from $14.6 million in last year’s third quarter.