Bank of Montreal (NYSE:BMO) delivered a profit and missed Wall Street’s expectations, AND came up short on beating the revenue expectation. The revenue miss is a negative sign to shareholders seeking high growth out of the company.
Bank of Montreal Earnings Cheat Sheet
Results: Adjusted Earnings Per Share increased 1.39% to $1.46 in the quarter versus EPS of $1.44 in the year-earlier quarter.
Revenue: Decreased 24.4% to $3.94 billion from the year-earlier quarter.
Actual vs. Wall St. Expectations: Bank of Montreal reported adjusted EPS income of $1.46 per share. By that measure, the company missed the mean analyst estimate of $1.5. It missed the average revenue estimate of $3.97 billion.
Quoting Management: “BMO’s second quarter reflects solid operating performance,” said Bill Downe, President and Chief Executive Officer, BMO Financial Group. “Our wealth, capital markets, and U.S. personal and commercial banking businesses each had a good quarter. We saw continuing volume growth in Canadian personal and commercial lending as a result of new business opened. P&C Canada is taking share and is confident in its ability to convert new customers into multi-product relationships.”
Key Stats (on next page)…