Regions Financial Corp Earnings Cheat Sheet: Swing Up, Topping Expectations

S&P 500 (NYSE:SPY) component Regions Financial Corporation (NYSE:RF) climbed to a profit in the third quarter and beat Wall Street’s expectations in the process. Regions Financial provides a range of banking and bank-related services to individual and corporate customers through its subsidiaries.

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Regions Financial Earnings Cheat Sheet for the Third Quarter

Results: Reported a profit of $155 million (12 cents per diluted share) in the quarter. The Southeast regional bank had a net loss of $155 million or a loss of 13 cents per share in the year earlier quarter.

Revenue: Noninterest income was $746 million last quarter.

Actual vs. Wall St. Expectations: RF beat the mean analyst estimate of 4 cents per share.

Quoting Management: “This quarter’s results demonstrate that we are making solid progress in executing our business plan and that our efforts are paying off,” said Grayson Hall, president and chief executive officer. “Although we are realistic about the challenges posed by an uncertain economy and faltering consumer and business confidence, we believe that focusing on the customer, enhancing enterprise-wide risk management and building sustainable performance are keys to our long term success.”

Key Stats:

The company has now topped analyst estimates for the last four quarters. It beat the mark by 4 cents in the second quarter, by 10 cents in the first quarter, and by 16 cents in the fourth quarter of the last fiscal year.

Looking Forward: Over the past sixty days, the outlook for the company’s performance next quarter has become increasingly unfavorable. The average estimate for the fourth quarter is 5 cents per share, a drop from 6 cents. For the fiscal year, the average estimate has moved up from 10 cents a share to 14 cents over the last ninety days.

Competitors to Watch: SunTrust Banks, Inc. (NYSE:STI), Pinnacle Financial Partners (NASDAQ:PNFP), Wells Fargo & Company (NYSE:WFC), Cadence Financial Corp. (NASDAQ:CADE), KeyCorp (NYSE:KEY), PNC Financial Services (NYSE:PNC), Bank of America Corp. (NYSE:BAC), BancorpSouth, Inc. (NYSE:BXS), Trustmark Corporation (NASDAQ:TRMK), and BB&T Corporation (NYSE:BBT).

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(Source: Xignite Financials)

 

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