E. F. Hutton Group, parent of the brokerage house, said its profits dropped to $6.7 million in the third quarter from $23.1 million a year earlier.
The financial holding company noted that last year's third-quarter net income was bolstered by a $14-million retroactive tax credit. Without the credit, E. F. Hutton would have earned $9.7 million during the quarter last year.
This year's results were aided by the Aug. 1 sale of E. F. Hutton Credit Corp. to Chrysler Financial Corp. The sale provided a gain of $800,000.
An increase in revenue, which rose to $751 million in the latest quarter from $675 million a year earlier, was absorbed by higher salaries and other expenses, said Robert Fomon, E. F. Hutton chairman and chief executive.