Huntington Earnings: Profits Please Shareholders

Huntington Bancshares Inc. (NASDAQ:HBAN) generated double-digit profit growth and beat Wall Street’s expectations. Shares are up 1.86%.

Huntington Bancshares Inc. Earnings Cheat Sheet

Results: Net income increased 25.57% to $159.3 million (19 cents per diluted share) in the quarter versus a net gain of $126.86 million in the year-earlier quarter.

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Actual vs. Wall St. Expectations: Huntington Bancshares Inc. reported adjusted net income of 19 cents per share. By that measure, the company beat the mean analyst estimate of $0.17.

Quoting Management: “Reinvesting excess capital to grow the business organically remains our first priority. Importantly, through dividends and share repurchases, we have the flexibility, subject to market conditions and regulatory approval, to return a meaningful amount of our earnings to the owners of the company…

…We continue to evaluate other capital actions. As we have shown over the last several years, we will maintain a high level of discipline when considering M&A,” stated Stephen D. Steinour, Chairman, President and CEO.

Key Stats:

Revenue decreased 72.6% from $744.97 million in the previous quarter. Net income decreased 5.05% from $167.77 million 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 $0.16 and has not changed. For the current year, the average estimate has moved up from a profit of $0.67 to a profit of $0.68 over the last ninety days.

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(Company fundamentals provided by Xignite Financials.)