S&P 500 (NYSE:SPY) component Regions Financial Corporation (NYSE:RF) reported net income above Wall Street’s expectations for the second quarter. Regions Financial provides a range of banking and bank-related services to individual and corporate customers through its subsidiaries.
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Regions Financial Corporation Earnings Cheat Sheet
Results: Net income for Regions Financial Corporation rose to $355 million (20 cents per share) vs. $109 million (4 cents per share) in the same quarter a year earlier. This is a more than threefold rise from the year-earlier quarter.
Actual vs. Wall St. Expectations: Regions Financial Corporation beat the mean analyst estimate of 14 cents per share.
Quoting Management: “We continued to make incremental progress on many key fronts and are pleased with the improvement of our financial performance despite considerable economic and political uncertainty, and an uneven economic recovery,” said Grayson Hall, president and chief executive officer. “By focusing on initiatives that we can control, we continue to drive sustainable and prudent growth across our business.”
The company has now topped analyst estimates for the last four quarters. It beat the mark by 6 cents in the first quarter, by 2 cents in the fourth quarter of the last fiscal year, and by 4 cents in the third quarter of the last fiscal year.
Looking Forward: Analysts appear increasingly optimistic about the company’s results for the next quarter. The average estimate for the third quarter has moved up from 14 cents a share to 16 cents over the last ninety days. The average estimate for the fiscal year is 60 cents per share, a rise from 48 cents ninety days ago.
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(Company fundamentals provided by Xignite Financials. Earnings estimates provided by Zacks)
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