KeyCorp Earnings: Yet Another Quarter of Profitability
S&P 500 (NYSE:SPY) component KeyCorp (NYSE:KEY) reported its results for the third 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 fell to $214 million (23 cents per share) vs. $229 million (24 cents per share) a year earlier. This is a decline of 6.6% from the year-earlier quarter.
Revenue: Rose 8.1% to $1.12 billion from the year-earlier quarter.
Actual vs. Wall St. Expectations: KeyCorp beat the mean analyst estimate of 20 cents per share. It beat the average revenue estimate of $997.5 million.
Quoting Management: “During the third quarter, Key announced a number of actions aimed at enhancing the company’s franchise, product offerings and profitability. We re-entered the credit card business, repositioned our merchant services and debit card processing, and improved market share with a 37-branch acquisition in Western New York,” said Chairman and Chief Executive Officer Beth E. Mooney.
The company has now surpassed analyst estimates for four quarters in a row. It beat the mark by 5 cents in the second quarter, by 2 cents in the first quarter, and by one cent in the fourth quarter of the last fiscal year.
Looking Forward: The average estimate for the fourth quarter remains unchanged at 20 cents a share. For the fiscal year, the average estimate has moved up from 77 cents a share to 81 cents over the last thirty days.
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(Company fundamentals provided by Xignite Financials. Earnings estimates provided by Zacks)
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