U.S. Bancorp Earnings: Another Bank Beats Wall Street
S&P 500 (NYSE:SPY) component US Bancorp (NYSE:USB) reported its results for the first quarter, and investors are sending shares higher. U.S. Bancorp is a financial holding company that provides financial services through its subsidiaries, including lending and depository services, cash management, foreign exchange and trust and investment management services.
US Bancorp Earnings Cheat Sheet for the First Quarter
Results: Net income for the company was $1.03 billion (52 cents/share).
Revenue: Revenue was $4.52 billion.
Actual vs. Wall St. Expectations: USB beat the mean analyst estimate of 49 cents/share. Estimates ranged from 44 cents per share to 53 cents per share.
Quoting Management: U.S. Bancorp Chairman, President and Chief Executive Officer Richard K. Davis said, “Our results for the first quarter of 2011 reflected our proven business model during a recovering, yet still uncertain, economic environment.”
Competitors to Watch: Citigroup Inc. (NYSE:C), Bank of America (NYSE:BAC), Deutsche Bank (NYSE:DB), JPMorgan Chase (NYSE:JPM), HSBC (NYSE:HBC), Metlife (NYSE:MET), PNC (NYSE:PNC), Zions Bancorp (NASDAQ:ZION), Financials (NYSE:XLF) and Wells Fargo & Company (NYSE:WFC).
Today’s Performance: Shares of USB are up 0.78% in pre-market trading.