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RF Down on 4Q Loss
Regions Financial Corp. (RF - Analyst Report) shares sank as much as 20% after the U.S. Southeast regional bank posted a surprise fourth-quarter loss of $6.24 billion. The loss reflected a huge writeoff for Regions' banking business.
The company announced that it acquired a $6 billion non-cash goodwill writedown on the back of the falling value of its banking and Treasury operations.
Regions' quarterly loss came at $9.01 a share from the previous year's profit of $70.6 million, or 10 cents. Excluding goodwill charge, the company's loss stood at $244.3 million or 35 cents a share, which was a steeper loss than the consensus expected. In the same period a year ago, Regions had earned a profit of $164.6 million, or 24 cents.
The Birmingham-based shed nearly three-quarters of its market value over the past year.
Regions is a Zacks #3 Rank ("Hold") company.
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| Market Summary | Feb 10, 2010 08:42 am ET |
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