Huntington Bancshares Earnings: Beats Forecasts
S&P 500 (NYSE:SPY) component Huntington Bancshares Incorporated (NASDAQ:HBAN) reported net income above Wall Street’s expectations for the third quarter. Huntington Bancshares is a financial holding company that offers various financial services through its subsidiary in several states.
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Huntington Bancshares Incorporated Earnings Cheat Sheet
Results: Net income for Huntington Bancshares Incorporated rose to $167.8 million (19 cents per share) vs. $143.4 million (16 cents per share) in the same quarter a year earlier. This marks a rise of 17% from the year-earlier quarter.
Revenue: Rose 7.9% to $810 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: Huntington Bancshares Incorporated beat the mean analyst estimate of 15 cents per share. It beat the average revenue estimate of $676.2 million.
Quoting Management: “We are pleased with the quarter’s financial results which reflect steady growth in a number of key strategic areas including loans, deposits, and customer relationships. This demonstrates the continued benefits from successfully executing our strategic plan. This quarter was negatively impacted by an increase in healthcare and regulatory costs,” said Stephen D. Steinour, chairman, president and chief executive officer. “At the core of our strategic plan remains a differentiated approach to banking, coupled with investing in products and services that are driving growth and improvement in the stability of our long-term profitability.”
The company has now seen its net income increase for three consecutive quarters. In the second quarter, net income rose 4.7% and in the first quarter, the figure rose 21.2%.
The company has beaten estiamtes for two quarters in a row. In the second quarter, it topped expectations with net income of 17 cents versus a mean estimate of net income of 14 cents per share.
Revenue rose last quarter after seeing a drop the quarter before. Revenue fell 0.9% to $741.6 million in the second quarter from the year earlier.
Looking Forward: The average estimate for the fourth quarter remains unchanged at 16 cents a share. The average estimate for the fiscal year has risen to 64 cents per share from 63 cents in the past month.
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(Company fundamentals provided by Xignite Financials. Earnings estimates provided by Zacks)
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