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 First Quarter Results:
Swung to a profit of $69 million (5 cents/diluted share) in the quarter. The Southeast regional bank had a net loss of $196 million or a loss of 21 cents per share in the year earlier quarter.
Revenue: Fell 15.8% to $1.71 billion YoY.
Actual vs. Wall St. Expectations: RF beat the mean analyst estimate of a loss of 10 cents/share. Estimates ranged from a loss of 3 cents per share to a loss of 14 cents per share.
Quoting Management: “We’re making solid headway towards sustainable profitability and key credit metrics continue to improve,” said Grayson Hall, president and chief executive officer. “The economic recovery is slow—especially in our southeastern markets—but our focus on customers is paying off. We’re taking market share, gaining new customers and expanding existing relationships. At the same time, we are improving productivity and efficiency and taking steps to expediently and prudently deal with credit problems and more stressed credit portfolios.”
Competitors to Watch: Bank of America Corporation (NYSE:BAC), BB & T Corp. (NYSE:BBT), SunTrust Banks, Inc. (NYSE:STI), Citigroup Inc. (NYSE:C), Deutsche Bank (NYSE:DB), JPMorgan Chase (NYSE:JPM), HSBC (NYSE:HBC), Metlife (NYSE:MET), PNC (NYSE:PNC), Zions Bancorp (NASDAQ:ZION), Financials (NYSE:XLF), Keycorp (NYSE:KEY), and Wells Fargo & Company (NYSE:WFC).
Today’s Performance: Shares of RF are higher in pre-market trading. The stock closed at $6.98 per share yesterday: