Comerica Incorporated (NYSE:CMA) 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.
Comerica Incorporated Earnings Cheat Sheet
Results: Adjusted Earnings Per Share increased 4.11% to $0.76 in the quarter versus EPS of $0.73 in the year-earlier quarter.
Revenue: Decreased 8.66% to $622 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: Comerica Incorporated reported adjusted EPS income of $0.76 per share. By that measure, the company beat the mean analyst estimate of $0.70. It beat the average revenue estimate of $621.29 million.
Quoting Management: “Average loan growth and fee growth, expense control and continued solid credit quality, contributed to our 9 percent increase in earnings per share in the second quarter,” said Ralph W. Babb Jr., chairman and chief executive officer. “Average total loans grew $276 million compared to the first quarter, and reflected an increase of $337 million, or 1 percent, in commercial loans. Our Middle Market business lines across all three of our major geographies were a key contributor to our loan growth in the second quarter. Overall, customers remain cautious, but relatively more positive, in this slow growing economy.”
Key Stats (on next page)…
Revenue decreased 3.72% from $646 million in the previous quarter. EPS increased 8.57% from $0.70 in the previous quarter.
Looking Forward: Analysts have a neutral outlook for the company’s next-quarter performance. Over the past three months, the average estimate for next quarter’s earnings is a profit of $0.71 and has not changed. For the current year, the average estimate is a profit of $2.81, which is the same with that ninety days ago.
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(Company fundamentals provided by Xignite Financials. Email any earnings discrepancies to earnings [at] wallstcheatsheet.com)