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.

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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.

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