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Comerica (CMA) Q2 Earnings Beat As Revenues Rise (Revised)
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Have you been eager to see how Comerica Incorporated (CMA - Free Report) performed in Q2 in comparison with the market expectations? Let’s quickly scan through the key facts from this Texas-based money center bank’s earnings release this morning:
An Earnings Beat
Comerica came out with an adjusted earnings per share of 77 cents, beating the Zacks Consensus Estimate of 68 cents. Higher revenues were primarily responsible for this earnings beat.
How Was the Estimate Revision Trend?
You should note that the earnings estimate for Comerica has depicted a neutral stand prior to the earnings release. The Zacks Consensus Estimate remained unchanged over the last 7 days.
However, Comerica has a negative earnings surprise history. Before posting earnings beat in Q2, the company delivered positive surprises in two of the prior four quarters.
Overall, the company lagged the Zacks Consensus Estimate by an average of 2.56% in the trailing four quarters.
Revenue Came In Lower Than Expected
Comerica posted revenues of $714 million, which missed the Zacks Consensus Estimate of $717 million. However, it compared favorably with the year-ago number of $679 million.
Key Stats to Note:
• Average total deposits: $56.5 billion in Q2, slightly down on a year-over-year basis. • Average total loans: $49.5 billion in Q2, slightly up on a year-over-year basis. • Comerica returned $103 million to shareholders through shares repurchase and dividends
What Zacks Rank Says
The estimate revisions that we discussed earlier have driven a Zacks Rank #3 (Hold) for Comerica. However, since the latest earnings performance is yet to be reflected in the estimate revisions, the rank is subject to change. While things apparently look favorable, it all depends on what sense the just-released report makes to the analysts.
Check back later for our full write up on this Comerica earnings report!
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >>
(We are re-publishing this article to correct an error. The original version, published earlier today, should no longer be relied upon.)
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Comerica (CMA) Q2 Earnings Beat As Revenues Rise (Revised)
Have you been eager to see how Comerica Incorporated (CMA - Free Report) performed in Q2 in comparison with the market expectations? Let’s quickly scan through the key facts from this Texas-based money center bank’s earnings release this morning:
An Earnings Beat
Comerica came out with an adjusted earnings per share of 77 cents, beating the Zacks Consensus Estimate of 68 cents. Higher revenues were primarily responsible for this earnings beat.
How Was the Estimate Revision Trend?
You should note that the earnings estimate for Comerica has depicted a neutral stand prior to the earnings release. The Zacks Consensus Estimate remained unchanged over the last 7 days.
However, Comerica has a negative earnings surprise history. Before posting earnings beat in Q2, the company delivered positive surprises in two of the prior four quarters.
COMERICA INC Price and EPS Surprise
COMERICA INC Price and EPS Surprise | COMERICA INC Quote
Overall, the company lagged the Zacks Consensus Estimate by an average of 2.56% in the trailing four quarters.
Revenue Came In Lower Than Expected
Comerica posted revenues of $714 million, which missed the Zacks Consensus Estimate of $717 million. However, it compared favorably with the year-ago number of $679 million.
Key Stats to Note:
• Average total deposits: $56.5 billion in Q2, slightly down on a year-over-year basis.
• Average total loans: $49.5 billion in Q2, slightly up on a year-over-year basis.
• Comerica returned $103 million to shareholders through shares repurchase and dividends
What Zacks Rank Says
The estimate revisions that we discussed earlier have driven a Zacks Rank #3 (Hold) for Comerica. However, since the latest earnings performance is yet to be reflected in the estimate revisions, the rank is subject to change. While things apparently look favorable, it all depends on what sense the just-released report makes to the analysts.
Check back later for our full write up on this Comerica earnings report!
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >>
(We are re-publishing this article to correct an error. The original version, published earlier today, should no longer be relied upon.)