People’s United Financial Earnings: Profits Grow by Double Digits For Fifth Straight Quarter
S&P 500 (NYSE:SPY) component People’s United Financial Inc. (NASDAQ:PBCT) reported its results for the third quarter. People’s United Financial is a savings and loan holding company for People’s United Bank, a diversified financial services firm. The company provides consumer and commercial banking as well as wealth management services to individuals and corporate customers.
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People’s United Financial Inc. Earnings Cheat Sheet
Results: Net income for People’s United Financial Inc. rose to $62.2 million (18 cents per share) vs. $51.5 million (14 cents per share) in the same quarter a year earlier. This marks a rise of 20.8% from the year-earlier quarter.
Actual vs. Wall St. Expectations: People’s United Financial Inc. fell short of the mean analyst estimate of 20 cents per share.
Quoting Management: “Our performance in the third quarter of 2012 continues to build on the execution of our primary objectives – optimizing existing businesses and efficiently deploying capital,” stated Jack Barnes, President and Chief Executive Officer. “Our third quarter financial results reflect another quarter of solid operating metrics in a challenging economic environment, supported by significant loan growth, ongoing strength in our fee income businesses and meaningful cost control, all of which contributed to an improvement in our efficiency ratio.”
The company fell short of estimates last quarter after being in line with expectations the quarter before with net income of 19 cents.
Looking Forward: The outlook for the company’s next-quarter performance is unfavorable. Estimates have gone down from an average 21 cents per share to 20 cents over the past seven days. For the fiscal year, the average estimate has moved down from 78 cents a share to 76 cents over the last ninety days.
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(Company fundamentals provided by Xignite Financials. Earnings estimates provided by Zacks)
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