PNC Financial Services Group Inc. (NYSE:PNC) 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 down 0.54%.
PNC Financial Services Group Inc. Earnings Cheat Sheet
Results: Adjusted Earnings Per Share increased 103.06% to $1.99 in the quarter versus EPS of $0.98 in the year-earlier quarter.
Revenue: Rose 3.49% to $4.06 billion from the year-earlier quarter.
Actual vs. Wall St. Expectations: PNC Financial Services Group Inc. reported adjusted EPS income of $1.99 per share. By that measure, the company beat the mean analyst estimate of $1.63. It beat the average revenue estimate of $3.95 billion.
Quoting Management: “PNC’s second quarter results reflect the progress we’re making in the execution of our strategic priorities,” said William S. Demchak, president and chief executive officer. “We grew revenue on the strength of noninterest income, benefited from market conditions and remained disciplined on expense management. Overall credit quality continued to improve and our strong capital position should enable us to create greater long-term value for our shareholders.”
Key Stats (on next page)…
Revenue decreased 2.94% from $4.19 billion in the previous quarter. EPS increased 13.07% from $1.76 in the previous quarter.
Looking Forward: Analysts have a neutral outlook for the company’s next-quarter performance. Over the past three months, the average estimate for next quarter’s earnings is a profit of $1.63 and has not changed. For the current year, the average estimate has moved up from a profit of $6.62 to a profit of $6.69 over the last ninety days.
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(Company fundamentals provided by Xignite Financials. Email any earnings discrepancies to earnings [at] wallstcheatsheet.com)