S&P 500 (NYSE:SPY) component Comerica Inc. (NYSE:CMA) reported net income above Wall Street’s expectations for the first quarter. Comerica Incorporated is a financial holding company that operates in business, retail and wealth management.
Comerica Earnings Cheat Sheet for the First Quarter
Results: Net income for Comerica Inc. rose to $103 million (56 cents/share) vs. $52 million 46 cents/share) YoY. A rise of 98.1% from the year earlier quarter.
Revenue: Noninterest income was $207 million, up from $194 million
Actual vs. Wall St. Expectations: CMA beat the mean analyst estimate of 48 cents/share. Estimates ranged from 39 cents per share to 56 cents per share.
Quoting Management: “We had an eight percent increase in net income in the first quarter of 2011, when compared to the fourth quarter of 2010, which was primarily driven by reduced credit costs and good control of expenses,” said Ralph W. Babb Jr., chairman and chief executive officer. “Among the many positive and encouraging signs we saw in the first quarter were loan growth in the Global Corporate Banking, Energy and Middle Market lines of business, and an acceleration of loan growth in Texas. These were more than offset by the continued and planned reductions in Commercial Real Estate, and a decrease in Mortgage Banker Finance. First quarter revenue was down three percent from the fourth quarter, primarily driven by lower total average loans.”
Competitors to Watch: Regions Financial Corporation (NYSE:RF), Citigroup Inc. (NYSE:C), Bank of America (NYSE:BAC), Deutsche Bank (NYSE:DB), JPMorgan Chase (NYSE:JPM), HSBC (NYSE:HBC), The Bank of New York Mellon Corporation (NYSE:BK), Northern Trust Corporation (NASDAQ:NTRS), Zions Bancorp (NASDAQ:ZION), Financials (NYSE:XLF) and Wells Fargo & Company (NYSE:WFC).
Today’s Performance: Shares of CMA are up 1.44% in pre-market trading.