Privatebancorp Inc. (NASDAQ:PVTB) delivered a profit and beat Wall Street’s expectations, AND beat the revenue expectation. The revenue beat is a positive sign to shareholders seeking high growth out of the company. Shares are up 1.32%.
Privatebancorp Inc. Earnings Cheat Sheet
Results: Adjusted Earnings Per Share increased 133.33% to $0.35 in the quarter versus EPS of $0.15 in the year-earlier quarter.
Revenue: Rose 808.29% to $1.34 billion from the year-earlier quarter.
Actual vs. Wall St. Expectations: Privatebancorp Inc. reported adjusted EPS income of $0.35 per share. By that measure, the company beat the mean analyst estimate of $0.28. It beat the average revenue estimate of $132.45 million.
Quoting Management: “Our first quarter results reflect the momentum we have gained as we execute our commercial middle market strategy,” said Larry D. Richman, President and Chief Executive Officer, PrivateBancorp, Inc. “Net income was up 36 percent from fourth quarter and more than doubled from first quarter 2012, largely on reduced credit costs. Despite continued modest loan demand in a competitive market, we have maintained net interest income due to our ability to build client relationships. Non-interest income increased 11 percent year over year, contributing to strong first quarter results.”
Key Stats (on next page)…