S&P 500 (NYSE:SPY) component Regions Financial Corporation (NYSE:RF) reported its results for the second quarter. Regions Financial Corp. provides a range of banking and bank-related services to individual and corporate customers through its subsidiaries.
Regions Financial Earnings Cheat Sheet for the Second Quarter
Results: Swung to a profit of $109 million (4 cents per diluted share) in the quarter. Regions Financial Corporation had a net loss of $277 million or a loss 28 cents per share in the year earlier quarter.
Revenue: Noninterest income was $757 million last quarter.
Actual vs. Wall St. Expectations: RF beat the mean analyst estimate of breaking even.
Quoting Management: “Our results this quarter further demonstrate that our strategy for sustainable profitability is working,” said Grayson Hall, president and chief executive officer. “Focusing on the customer, enhancing enterprise-wide risk management and building sustainable performance are the key priorities of our business plans, and this quarter’s performance shows we are making solid progress.”
The company has now topped analyst estimates for the last three quarters. It beat the mark by 10 cents in the first quarter and by 16 cents in the fourth quarter of the last fiscal year.
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), JP Morgan (NYSE:JPM), Citigroup (NYSE:C), BancorpSouth, Inc. (NYSE:BXS), Trustmark Corporation (NASDAQ:TRMK), and BB&T Corporation (NYSE:BBT).
(Source: Xignite Financials)