Huntington Bancshares Earnings Cheat Sheet: Profit Up

S&P 500 (NYSE:SPY) component Huntington Bancshares Incorporated (NASDAQ:HBAN) reported its results 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 for the Third Quarter

Results: Net income for Huntington Bancshares Incorporated rose to $143.4 million (16 cents per share) vs. $100.9 million (10 cents per share) in the same quarter a year earlier. This marks a rise of 42.1% from the year earlier quarter.

Actual vs. Wall St. Expectations: HBAN fell short of the mean analyst estimate of 17 cents per share.

Quoting Management: “We are pleased with the quarter as it represented good progress against our strategic plan even with significant headwinds from the operating and interest rate environment,” said Stephen D. Steinour, chairman, president, and chief executive officer. “There were many positives that confirm we are making significant progress to improve profitability and add to long-term earnings growth. Revenue grew. Net interest income increased, reflecting strong loan and deposit growth. Noninterest income increased, reflecting growth in key activities such as electronic banking, and service charges on deposit accounts, as well as a gain from an automobile loan securitization. These successes are a direct result of the strategic investments we have made over the last two years. We are especially pleased with the momentum in both consumer household and commercial relationship growth resulting from our ‘Fair Play’ banking philosophy and Optimal Customer Relationship (NYSE:OCR) sales approach.”

Key Stats:

The company fell short of forecasts after beating estimates in the previous two quarters. In the second quarter, it topped the mark by one cent, and in the first quarter, it was ahead by one cent.

Looking Forward: The average estimate for the fourth quarter remains unchanged at 16 cents a share. The average estimate for the fiscal year is 63 cents per share, a rise from 60 cents ninety days ago.

Competitors to Watch: Fifth Third Bancorp (NASDAQ:FITB), FirstMerit Corporation (NASDAQ:FMER), WesBanco, Inc. (NASDAQ:WSBC), Peoples Bancorp Inc. (NASDAQ:PEBO), First Financial Bancorp (NASDAQ:FFBC), Park National Corporation (AMEX:PRK), Wells Fargo & Company (NYSE:WFC), Bank of America (NYSE:BAC), Citigroup (NYSE:C), JP Morgan (NYSE:JPM), Camco Financial Corp. (NASDAQ:CAFI), Tower Financial Corp. (NASDAQ:TOFC), and PNC Financial Services (NYSE:PNC).

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(Source: Xignite Financials)