Regions Financial Earnings: A Mixed Picture

S&P 500 (NYSE:SPY) component Regions Financial Corporation (NYSE:RF) reported net income above Wall Street’s expectations for the third quarter. 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 Corporation Earnings Cheat Sheet

Results: Net income for Regions Financial Corporation rose to $301 million (21 cents per share) vs. $284 million (20 cents per share) in the same quarter a year earlier. This marks a rise of 6% from the year-earlier quarter.

Revenue: Fell 1% to $1.35 billion from the year-earlier quarter.

Actual vs. Wall St. Expectations: Regions Financial Corporation beat the mean analyst estimate of 14 cents per share. Analysts were expecting revenue of $1.36 billion.

Quoting Management: “As this quarter’s results show, our steady business performance and prudent investments are laying the foundation for long term growth,” said Grayson Hall, president and chief executive officer. “As the financial services industry manages through a prolonged and uneven economic recovery, we remain focused on our customers and finding more ways to help them succeed financially.”

Key Stats:

The company has now surpassed analyst estimates for four quarters in a row. It beat the mark by 6 cents in the second quarter, by 2 cents in the first quarter, and by 4 cents in the fourth quarter of the last fiscal year.

Looking Forward: Analysts appear increasingly optimistic about the company’s results for the next quarter. The average estimate for the fourth quarter has moved up from 14 cents a share to 16 cents over the last ninety days. Over the past three months, the average estimate for the fiscal year has climbed from 48 cents per to share to 60 cents.

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(Company fundamentals provided by Xignite Financials. Earnings estimates provided by Zacks)

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