Comerica Inc. Earnings Cheat Sheet: Profit Rises Year Over Year

S&P 500 (NYSE:SPY) component Comerica Inc. (NYSE:CMA) reported its results for the third quarter. Comerica is a financial holding company that operates in business, retail, and wealth management.

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Comerica Earnings Cheat Sheet for the Third Quarter

Results: Net income for the Midwest regional bank rose to $98 million (51 cents per share) vs. $59 million (33 cents per share) in the same quarter a year earlier. This marks a rise of 66.1% from the year earlier quarter.

Revenue: Noninterest income was $201 million last quarter.

Actual vs. Wall St. Expectations: CMA fell in line with the mean analyst estimate of 51 cents per share.

Quoting Management: “Our third quarter results reflect our acquisition of Sterling, which expands our growth in Texas, a state expected to outperform the national economy again this year,” said Ralph W. Babb Jr., chairman and chief executive officer. “Systems integrations are on track and expected to be completed by year-end. We plan to capitalize on revenue synergies, including opportunities to leverage distribution channels to increase commercial lending and cross-sales of cash management and other services, as well as wealth management products. In short, the Sterling acquisition provides an exceptional growth opportunity in one of the most attractive markets in the U.S.”

Key Stats:

The company fell in line with estimates last quarter after topping expectations in the previous two quarters. In the second quarter, it topped the mark by 2 cents, and in the first quarter, it was ahead by 9 cents.

Looking Forward: Analysts appear increasingly optimistic about the company’s results for the next quarter. The average estimate for the fourth quarter has moved up from 52 cents a share to 53 cents over the last thirty days. For the fiscal year, the average estimate has moved down from $2.16 a share to $2.13 over the last sixty days.

Competitors to Watch: U.S. Bancorp (NYSE:USB), Citigroup (NYSE:C), Dearborn Bancorp, Inc. (NASDAQ:DEAR), Wells Fargo & Company (NYSE:WFC), Bank of America Corp. (NYSE:BAC), Regions Financial Corp. (NYSE:RF), JPMorgan Chase & Co. (NYSE:JPM), Citizens Republic Bancorp, Inc. (NASDAQ:CRBC), and Old National Bancorp (NYSE:ONB).

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(Source: Xignite Financials)

 

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