Merrill Lynch & Co. reported that its 1986 earnings soared 103% to an all-time high of $454.3 million, up from $224.3 million in 1985. Revenue rose 35% to a new high of $9.61 billion from $7.12 billion in 1985.
The nation's largest investment firm said its net earnings for the last three months of 1986 rose to $182.8 million from $62.7 million in the final quarter of 1985.
The New York-based company said its fourth-quarter earnings surged from a year earlier, partly because of one-time gains from the sale of its leasing subsidiary.
Earnings included an after-tax gain of $105.2 million from the sale of its leasing subsidiary, as well as an after-tax loss of $14.8 million from the early recall of certain medium-term debt issues to take advantage of lower interest rates.