Bank of America Corp Third Quarter Earnings Sneak Peek

S&P 500 (NYSE:SPY) component Bank of America Corp (NYSE:BAC) will unveil its latest earnings on Tuesday, October 18, 2011. Bank of America is a bank holding and a financial holding company which, through its subsidiaries, provides banking and other financial services and products to customers in the United States and abroad.

Bank of America Corp Earnings Preview Cheat Sheet

Wall St. Earnings Expectations: The average estimate of analysts is for profit of 19 cents per share, a decline of 29.6% from the company’s actual earnings for the same quarter a year ago. During the past three months, the average estimate has moved down from 25 cents. Between one and three months ago, the average estimate moved down. It also has dropped from 20 cents during the last month. For the year, analysts are projecting a loss of 35 cents per share, a swing from net income of 86 cents last year.

Past Earnings Performance: The company beat estimates last quarter after falling short in the prior two. In the second quarter, the company reported net loss of 90 cents per share versus a mean estimate of a loss of 91 cents per share. In the first quarter, the company missed estimates by 10 cents.

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Wall St. Revenue Expectations: On average, analysts predict $25.84 billion in revenue this quarter, a decline of 3.2% from the year ago quarter. Analysts are forecasting total revenue of $91.7 billion for the year, a decline of 16.8% from last year’s revenue of $110.22 billion.

Analyst Ratings: Analysts seem relatively indifferent about Bank of America with 13 of 23 analysts surveyed maintaining a hold rating.

A Look Back: In the second quarter, the company swung to a loss of $8.83 billion (90 cents a share) from a profit of $3.12 billion (27 cents) a year earlier, but beat analyst expectations. Revenue fell 46.3% to $19.08 billion from $35.51 billion.

Key Stats:

Revenue has fallen in the past four quarters. Revenue declined 15.5% in the first quarter from the year earlier, dropped 10.8% in fourth quarter of the last fiscal year from the year-ago quarter and 3.9% in the third quarter of the last fiscal year.

Competitors to Watch: Citigroup Inc. (NYSE:C), Wells Fargo & Company (NYSE:WFC), JPMorgan Chase & Co. (NYSE:JPM), U.S. Bancorp (NYSE:USB), Goldman Sachs Group, Inc. (NYSE:GS), Barclays PLC (NYSE:BCS), Morgan Stanley (NYSE:MS), PNC Financial Services (NYSE:PNC), KeyCorp (NYSE:KEY), and American Express Company (NYSE:AXP).

Stock Price Performance: During July 19, 2011 to October 12, 2011, the stock price had fallen $2.98 (-31.2%) from $9.56 to $6.58. The stock price saw one of its best stretches over the last year between December 15, 2010 and December 22, 2010 when shares rose for six-straight days, rising 8.8% (+$1.08) over that span. It saw one of its worst periods between July 7, 2011 and July 19, 2011 when shares fell for nine-straight days, falling 12.4% (-$1.35) over that span. Shares are down $6.72 (-50.5%) year to date.

(Source: Xignite Financials)

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