Fifth Third Bancorp Earnings: Double-Digit Profit Growth Cheered by Investors
Fifth Third Bancorp (NASDAQ:FITB) generated a solid profit and beat Wall Street’s expectations. Investors are cheering shares higher 2.77%.
Fifth Third Bancorp Earnings Cheat Sheet
Results: Net income increased 24.2% to $390 million (43 cents per diluted share) in the quarter versus a net gain of $314 million in the year-earlier quarter.
Actual vs. Wall St. Expectations: Fifth Third Bancorp reported adjusted net income of 43 cents per share. By that measure, the company beat the mean analyst estimate of $0.41.
Important Value Metric: Book value per share at December 31, 2012 was $15.10 and tangible book value per share was $12.33, compared with September 30, 2012 book value per share of $14.84 and tangible book value per share of $12.12…
Revenue increased 18.06% from $1.69 billion in the previous quarter. Net income increased 7.44% from $363 million 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 $0.37 to a profit $0.39. For the current year, the average estimate has moved up from a profit of $1.61 to a profit of $1.62 over the last ninety days.
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(Company fundamentals provided by Xignite Financials.)