Popular Inc. (NASDAQ:BPOP) reported net income above Wall Street’s expectations 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 Inc. Earnings Cheat Sheet
Results: Net income for Popular Inc. rose to $47.2 million (45 cents per share) vs. $27.5 million (26 cents per share) in the same quarter a year earlier. This marks a rise of 71.4% from the year-earlier quarter.
Actual vs. Wall St. Expectations: Popular Inc. beat the mean analyst estimate of 41 cents per share.
Quoting Management: Mr. Richard L. Carrin, Chairman of the Board and Chief Executive Officer, said: “Third quarter results reflected continued strength and stability in our revenues, further declines in non-performing loans and charge-offs, and increases in our already strong capital ratios. Our number one priority is continuing to reduce non-performing assets, which will improve returns and increase our strategic and financial flexibility.”
The company has beaten estiamtes for two quarters in a row. In the second quarter, it topped expectations with net income of 50 cents versus a mean estimate of net income of 30 cents per share.
Looking Forward: Analysts appear increasingly negative about the company’s results for the next quarter. The average estimate for the fourth quarter has moved down from 53 cents a share to 48 cents over the last sixty days. The average estimate for the fiscal year is now $1.92 per share, down from $1.98 sixty days ago.
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(Company fundamentals provided by Xignite Financials. Earnings estimates provided by Zacks)
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