US Bancorp Earnings: Profits Grow by Double Digits For Fifth Straight Quarter

S&P 500 (NYSE:SPY) component US Bancorp (NYSE:USB) reported net income above Wall Street’s expectations for the fourth quarter. 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 Fourth Quarter.

Results: Net income for US Bancorp rose to $1.35 billion (69 cents per share) vs. $974 million (49 cents per share) in the same quarter a year earlier. This marks a rise of 38.6% from the year earlier quarter.

Revenue: Revenue was $5.1 billion last quarter.

Actual vs. Wall St. Expectations: USB beat the mean analyst estimate of 63 cents per share. It beat the average revenue estimate of $4.76 billion.

Quoting Management: U.S. Bancorp Chairman, President and Chief Executive Officer Richard K. Davis said, “Throughout 2011, we remained focused on execution – prudently managing our businesses, investing in our franchise and producing consistent, solid growth and earnings. Today, I am very proud to report our fourth quarter and full year 2011 results, as they reflect the advantages derived from our diversified business model and, importantly, our ability to successfully implement our strategy and accomplish our goals.”

Key Stats:

The company has now seen net income rise in three straight quarters. In the third quarter, net income rose 40.2% and in the second quarter, the figure rose 25.6%.

The company has now topped analyst estimates for the last four quarters. It beat the mark by 3 cents in the third quarter, by 6 cents in the second quarter, and by 3 cents in the first quarter.

Looking Forward: Analysts appear increasingly optimistic about the company’s results for the next quarter. The average estimate for the first quarter of the next fiscal year has moved up from 60 cents a share to 62 cents over the last sixty days. The average estimate for the fiscal year is $2.40 per share, a rise from $2.34 ninety days ago.

Competitors to Watch: Bank of America Corp. (NYSE:BAC), Wells Fargo & Company (NYSE:WFC), JPMorgan Chase & Co. (NYSE:JPM), Citigroup Inc. (NYSE:C), Comerica Incorporated (NYSE:CMA), Zions Bancorporation (NASDAQ:ZION), Pinnacle Financial Partners (NASDAQ:PNFP), Regions Financial Corp. (NYSE:RF), Goldman Sachs Group, Inc. (NYSE:GS), and Capitol Bancorp Ltd. (NYSE:CBC).

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(Company fundamentals provided by Xignite Financials. Earnings estimates provided by Zacks)

 

To contact the reporter on this story: Derek Hoffman at staff.writers@wallstcheatsheet.com

To contact the editor responsible for this story: Damien Hoffman at editors@wallstcheatsheet.com