Wells Fargo & Company (NYSE:WFC) 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 up 1.55%.
Wells Fargo & Company Earnings Cheat Sheet
Results: Adjusted Earnings Per Share increased 19.51% to $0.98 in the quarter versus EPS of $0.82 in the year-earlier quarter.
Revenue: Decreased 5.33% to $21.4 billion from the year-earlier quarter.
Actual vs. Wall St. Expectations: Wells Fargo & Company reported adjusted EPS income of $0.98 per share. By that measure, the company beat the mean analyst estimate of $0.93. It beat the average revenue estimate of $21.22 billion.
Quoting Management: “Wells Fargo achieved outstanding results for the second quarter, with our diluted EPS growing for the 14th consecutive quarter and our returns on assets and equity increasing from second quarter 2012 and first quarter 2013,” said Chairman and CEO John Stumpf. “Our results reflected the strength of our diversified business model. Compared with the prior quarter, we grew loans, deposits, and net interest income, and both our efficiency ratio and credit quality improved. Wells Fargo again demonstrated an ability to grow during a dynamic economic and interest rate environment, and we feel very well positioned to continue to perform for our shareholders over the long term.”
Key Stats (on next page)…