S&P 500 (NYSE:SPY) component Zions Bancorporation (NASDAQ:ZION) reported its results for the third quarter. Zions Bancorporation provides a full range of banking and related services through its banking and other subsidiaries.
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Zions Bancorporation Earnings Cheat Sheet
Results: Net income for Zions Bancorporation fell to $444.2 million (34 cents per share) vs. $470.6 million (35 cents per share) a year earlier. This is a decline of 5.6% from the year-earlier quarter.
Revenue: Fell 4.4% to $62.3 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: Zions Bancorporation beat the mean analyst estimate of 33 cents per share. It fell short of the average revenue estimate of $553.5 million.
Quoting Management: “We are pleased with the accomplishments in the third quarter, including stronger loan growth and the final redemption of TARP funds,” said Harris H. Simmons, chairman and chief executive officer. “Regarding loan growth, we currently expect stronger loan balances in the fourth quarter and in 2013. We are also pleased with the continued strong improvement in credit quality, including a strong improvement in nonperforming assets and net charge-offs compared to the prior quarter.”
The company beat estimates last quarter after falling short in the previous two quarters. In the second quarter, it missed the mark by 12 cents, and in the first quarter, it came in under estimates by 9 cents.
Looking Forward: Analysts appear increasingly negative about the company’s results for the next quarter. The average estimate for the fourth quarter has moved down from 39 cents a share to 36 cents over the last sixty days. At $1.23 per share, the average estimate for the fiscal year has fallen from $1.40 ninety days ago.
(Company fundamentals provided by Xignite Financials. Earnings estimates provided by Zacks)
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