Popular, Inc. Earnings Cheat Sheet: Misses Expectations

Popular, Inc. (NASDAQ:BPOP) reported its results for the third quarter. Popular is a publicly owned bank holding company that offers retail and commercial banking services through its main banking subsidiary, Banco Popular de Puerto Rico.

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Popular Earnings Cheat Sheet for the Third Quarter

Results: Net income for the bank fell to $27.5 million (3 cents per share) vs. $494.5 million (48 cents per share) a year earlier. This is a decline of 94.4% from the year earlier quarter.

Revenue: Noninterest income was $122.39 billion last quarter.

Actual vs. Wall St. Expectations: BPOP fell short of the mean analyst estimate of 6 cents per share.

Quoting Management: Mr. Richard L. Carrin, Chairman of the Board and Chief Executive Officer, said, “With our third consecutive profitable quarter, we continue to make progress as we drive Popular on a path to greater profitability. In Puerto Rico, where we have a uniquely valuable franchise, the credit environment remains uneven. While we have seen improvement in some of our portfolios, we increased our provisions for the commercial portfolio. In the U.S., we exceeded our expectations with another quarter of steady net interest income and lower funding costs in the midst of improving credit conditions.”

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 2 cents, and in the first quarter, it was ahead by one cent.

Looking Forward: The average estimate for the fourth quarter remains unchanged at 6 cents a share. For the fiscal year, the average estimate has moved up from 19 cents a share to 25 cents over the last ninety days.

Competitors to Watch: Doral Financial Corp. (NYSE:DRL), Oriental Financial Group Inc. (NYSE:OFG), First BanCorp. (NYSE:FBP), Eurobancshares Inc. (EUBK), Citigroup (NYSE:C), W Holding Company, Inc. (WHI), Bank of America Corp. (NYSE:BAC), SunTrust Banks, Inc. (NYSE:STI), Wells Fargo & Company (NYSE:WFC), and The Bank of Nova Scotia (NYSE:BNS).

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(Source: Xignite Financials)