Bank of America Corporation (NYSE:BAC) 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%.
Bank of America Corporation Earnings Cheat Sheet
Results: Adjusted Earnings Per Share increased 68.42% to $0.32 in the quarter versus EPS of $0.19 in the year-earlier quarter.
Revenue: Decreased 13.13% to $22.95 billion from the year-earlier quarter.
Actual vs. Wall St. Expectations: Bank of America Corporation reported adjusted EPS income of $0.32 per share. By that measure, the company beat the mean analyst estimate of $0.25. It beat the average revenue estimate of $22.79 billion.
Quoting Management: “We are doing more business with our customers and clients, and gaining momentum across every customer group we serve,” said Chief Executive Officer Brian Moynihan. “We must keep improving, but with the consumer recovering and businesses strong, we have lots of opportunity ahead.”
Key Stats (on next page)…
Revenue decreased 13.86% from $26.64 billion in the previous quarter. EPS increased 220% from $0.10 in the previous quarter.
Looking Forward: Analysts have a more positive outlook for the company’s next-quarter performance. Over the past three months, the average estimate for next quarter’s earnings has risen from a profit of $0.24 to a profit $0.26. For the current year, the average estimate has moved down from a profit of $0.98 to a profit of $0.94 over the last ninety days.
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(Company fundamentals provided by Xignite Financials. Email any earnings discrepancies to earnings [at] wallstcheatsheet.com)