S&P 500 (NYSE:SPY) component Huntington Bancshares Incorporated (NASDAQ:HBAN) reported net income above Wall Street’s expectations for the second quarter. Huntington Bancshares is a financial holding company that offers various financial services through its subsidiary in several states.
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Huntington Bancshares Incorporated Earnings Cheat Sheet
Results: Net income for Huntington Bancshares Incorporated rose to $1.53 billion (17 cents per share) vs. $145.9 million (16 cents per share) in the same quarter a year earlier. This marks a substantial increase from the year-earlier quarter.
Actual vs. Wall St. Expectations: Huntington Bancshares Incorporated beat the mean analyst estimate of 15 cents per share.
Quoting Management: “We are very pleased with the quarter. This quarter’s financial results reflect relatively stable returns and net interest margin, improving efficiency and credit metrics, and strong growth of loans, deposits, and customer relationships demonstrating the continued benefits from successfully executing our strategic plan,” said Stephen D. Steinour, chairman, president and chief executive officer. “At the plan’s core remains a differentiated approach to banking, coupled with investing in products and services that are driving an improvement in the stability of our long-term profitability while introducing opportunities for growth.”
The company has now seen its net income rise for three quarters in a row. In the first quarter, net income rose 21.2% and in the fourth quarter of the last fiscal year, the figure rose 3.2%.
The company has now beaten estimates the last two quarters. In the first quarter, it topped expectations with net income of 17 cents versus a mean estimate of net income of 14 cents per share.
Looking Forward: For next quarter, analysts have a more positive outlook about the company’s expected results. The average estimate for the third quarter is 16 cents per share, up from 15 cents ninety days ago. For the fiscal year, the average estimate has moved up from 61 cents a share to 64 cents over the last ninety days.
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(Company fundamentals provided by Xignite Financials. Earnings estimates provided by Zacks)
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