First Niagara Financial Group Inc. (NASDAQ:FNFG) delivered a profit and met 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.
First Niagara Financial Group Inc. Earnings Cheat Sheet
Results: Adjusted Earnings Per Share decreased 10.53% to $0.17 in the quarter versus EPS of $0.19 in the year-earlier quarter.
Revenue: Decreased 1.47% to $355.4 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: First Niagara Financial Group Inc. reported adjusted EPS income of $0.17 per share. By that measure, the company missed the mean analyst estimate of $0.17. It missed the average revenue estimate of $360.94 million.
Quoting Management: “Our first-quarter results are evidence of our continued strong fundamentals and a focus on enhancing shareholder value,” said Gary Crosby, Interim President and Chief Executive Officer. “We are driving profitable growth by enabling our people to provide our customers what they need every day, and focusing on the efficiency and effectiveness of our organization as never before. In 2013, it is “business as usual” at First Niagara as we continue to execute our existing strategic plan, focusing on managing expenses, maintaining our strong credit quality and maximizing the company’s potential in the diverse and attractive markets we serve.”
Key Stats (on next page)…