KeyCorp Earnings: RISING Profit Helps Top Wall Street
S&P 500 (NYSE:SPY) component KeyCorp (NYSE:KEY) reported net income above Wall Street’s expectations for the second quarter. KeyCorp is a financial holding company that offers its clients retail and commercial banking, commercial leasing, investment management, consumer finance and investment banking products and services.
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KeyCorp Earnings Cheat Sheet
Results: Net income for KeyCorp rose to $236 million (24 cents per share) vs. $200 million (25 cents per share) in the same quarter a year earlier. This marks a rise of 18% from the year-earlier quarter.
Revenue: Rose 0.5% to $1.03 billion from the year-earlier quarter.
Actual vs. Wall St. Expectations: KeyCorp beat the mean analyst estimate of 18 cents per share. It beat the average revenue estimate of $997.5 million.
The company has now surpassed analyst estimates for four quarters in a row. It beat the mark by 2 cents in the first quarter, by one cent in the fourth quarter of the last fiscal year, and by 3 cents in the third quarter of the last fiscal year.
Looking Forward: The average estimate for the third quarter remains unchanged at 19 cents a share. The average estimate for the fiscal year is now 77 cents per share, down from 78 cents sixty days ago.
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(Company fundamentals provided by Xignite Financials. Earnings estimates provided by Zacks)
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