Comerica Incorporated Earnings: Here’s Why Investors are Bidding Up Shares
Comerica Incorporated (NYSE:CMA) delivered a profit and beat Wall Street’s expectations. Shares are up 2.29%.
Comerica Incorporated Earnings Cheat Sheet
Results: Net income increased 33.33% to $128 million (68 cents per diluted share) in the quarter versus a net gain of $96 million in the year-earlier quarter.
Actual vs. Wall St. Expectations: Comerica Incorporated reported adjusted net income of 68 cents per share. By that measure, the company beat the mean analyst estimate of $0.65.
Quoting Management: “Loan and fee income growth combined with expense control contributed to our 11 percent increase in net income, when compared to the third quarter,” said Ralph W. Babb Jr., chairman and chief executive officer. “In this slow growing national economy, we continue to benefit from our position in growth markets and industry expertise, which helped drive an increase in average total loans of $522 million, primarily reflecting an increase of $762 million, or 3 percent, in commercial loans. We continue to capitalize on opportunities by allocating resources to faster growing markets and segments.”
Net income increased 9.4% from $117 million in the previous quarter.
Looking Forward: Analysts have a more negative outlook for the company’s next-quarter performance. Over the past three months, the average estimate for next quarter’s earnings has fallen from a profit of $0.64 to a profit $0.63. For the current year, the average estimate has moved down from a profit of $2.67 to a profit of $2.66 over the last ninety days.
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(Company fundamentals provided by Xignite Financials.)