S&P 500 (NYSE:SPY) component PNC Financial Services (NYSE:PNC) will unveil its latest earnings on Tuesday, October 16, 2012. PNC Financial Services Group offers corporate and institutional banking, retail banking, asset management, residential mortgage banking, and global investment services.
PNC Financial Services Earnings Preview Cheat Sheet
Wall St. Earnings Expectations: The average estimate of analysts is for net income of $1.60 per share, a rise of 3.2% from the company’s actual earnings for the same quarter a year ago. The average estimate is the same as three months ago. Between one and three months ago, the average estimate was unchanged. It also has not changed during the last month. For the year, analysts are projecting profit of $5.68 per share, a decline of 8.1% from last year.
Past Earnings Performance: Last quarter, the company beat estimates by 16 cents, coming in at net income of $1.26 per share against an estimate of profit of. The company also topped expectations in the first quarter.
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A Look Back: In the second quarter, profit fell 39.5% to $551 million (98 cents a share) from $911 million ($1.67 a share) the year earlier, but exceeded analyst expectations. Revenue fell 2.7% to $3.93 billion from $4.04 billion.
Wall St. Revenue Expectations: Analysts are projecting a rise of 13.6% in revenue from the year-earlier quarter to $4.02 billion.
Stock Price Performance: Between August 14, 2012 and October 10, 2012, the stock price had risen $4.12 (6.8%), from $60.43 to $64.55. The stock price saw one of its best stretches over the last year between December 30, 2011 and January 12, 2012, when shares rose for nine straight days, increasing 7.7% (+$4.42) over that span. It saw one of its worst periods between May 10, 2012 and May 18, 2012 when shares fell for seven straight days, dropping 6.4% (-$4.20) over that span.
The company is trying to stem some negative momentum heading into this earnings announcement. Profit has dropped by a year-over-year average of 27.5% over the past four quarters.
On the top line, the company is looking to rebound after a revenue drop last quarter. Revenue rose 0.1% in the the first quarter after dropping in the second quarter.
Analyst Ratings: With 20 analysts rating the stock a buy, none rating it a sell and six rating the stock a hold, there are indications of a bullish stance by analysts.
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(Company fundamentals by Xignite Financials. Earnings estimates provided by Zacks)
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