The Bank Of Nova Scotia (NYSE:BNS) delivered a profit and missed Wall Street’s expectations, BUT beat the revenue expectation. The revenue beat is a positive sign to shareholders seeking high growth out of the company.
The Bank Of Nova Scotia Earnings Cheat Sheet
Results: Adjusted Earnings Per Share increased 5.08% to $1.24 in the quarter versus EPS of $1.18 in the year-earlier quarter.
Revenue: Decreased 20.85% to $5.22 billion from the year-earlier quarter.
Actual vs. Wall St. Expectations: The Bank Of Nova Scotia reported adjusted EPS income of $1.24 per share. By that measure, the company missed the mean analyst estimate of $1.26. It beat the average revenue estimate of $5.18 billion.
Quoting Management: “We continue to have very strong results this quarter driven by very good revenue growth. Each business line made a solid contribution to these good results” said Rick Waugh , Scotiabank CEO. “Our diversification and straightforward business model have allowed us to take advantage of opportunities to grow. Our diverse team working together across our broad-based business provides seamless and complete solutions to our customers, which contributed to the solid results in the first half of this year.”
Key Stats (on next page)…
Revenue decreased 26.98% from $7.15 billion in the previous quarter. EPS decreased 2.36% from $1.27 in the previous quarter.
Looking Forward: Analysts have a neutral outlook for the company’s next-quarter performance. Over the past three months, the average estimate for next quarter’s earnings is a profit of $1.32 and has not changed. For the current year, the average estimate has moved up from a profit of $5.13 to a profit of $5.14 over the last ninety days.
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(Company fundamentals provided by Xignite Financials. Email any earnings discrepancies to earnings [at] wallstcheatsheet.com)