TD Ameritrade Holding Corporation announced unaudited consolidated earnings results for the first quarter ended December 31, 2017. For the quarter, the company announced net revenues of $1,257 million compared to $859 million for the same period a year ago. Operating income was $336 million compared to $353 million for the same period a year ago. Pre-tax income was $303 million compared to $339 million for the same period a year ago. Net income was $297 million compared to $216 million for the same period a year ago. Earnings per share, basic and diluted were $0.52 compared to $0.41 for the same period a year ago. Return on average stockholders' equity (annualized) was 16.2% compared to 16.9% for the same period a year ago. Non-GAAP net income was $455 million or $0.80 per diluted share compared to $230 million or $0.43 per diluted share for the same period a year ago. EBITDA, non-GAAP was $395 million compared to $396 million for the same period a year ago.

The company has also updated its outlook for the 2018 fiscal year to reflect the new U.S. tax legislation. Using updated tax rates, the company expects GAAP earnings of $1.85 to $2.45 per diluted share, and Non-GAAP earnings of $2.55 to $3.05 per diluted share for its 2018 fiscal year. The company expecting a full year 2018 effective tax rate of approximately 22% as a result of 2% in the December quarter and 27% in the remaining three quarters.

The company expects 24% as tax rate for fiscal 2019.