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M&T Bank (MTB) Q1 Earnings Miss on Higher Costs; Revenues Up
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Have you been eager to see how M&T Bank Corporation (MTB - Free Report) performed in Q1 in comparison with the market expectations? Let’s quickly scan through the key facts from this New York-based major bank’s earnings release this morning:
An Earnings Miss
M&T Bank came out with net operating earnings per share of $2.26, lagging the Zacks Consensus Estimate of $2.74. Earnings miss reflected elevated expenses.
How Was the Estimate Revision Trend?
You should note that the earnings estimate for M&T Bank depicted neutral stance prior to the earnings release. The Zacks Consensus Estimate remained stable over the last seven days.
Regarding earnings surprise history, before posting earnings miss in Q1, the company delivered positive earnings surprises in three of the trailing four quarters, with an average positive surprise of 4.84% in the trailing four quarters.
M&T Bank posted net revenues of $1.44 billion, which outpaced the Zacks Consensus Estimate of $1.42 billion. Further, it compared favorably with the year-ago number of $1.37 billion.
Key Takeaways
Net operating income came in at $357 million, up around 1% year over year.
Taxable-equivalent Net interest income increased 6% year over year to $980 million.
Non-interest expense of $933 million increased 18% year over year.
Efficiency ratio came in at 64% in quarter, compared with 56.9% in the prior year quarter. Generally, a higher ratio indicates decreased efficiency.
What Zacks Rank Says
The estimate revisions that we discussed earlier have driven a Zacks Rank #2 (Buy) for M&T Bank. 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 unfavorable, it all depends on what sense the just-released report makes to the analysts.
Check back later for our full write up on this M&T Bank earnings report!
Investor Alert: Breakthroughs Pending
A medical advance is now at the flashpoint between theory and realization. Billions of dollars in research have poured into it. Companies are already generating substantial revenue, and even more wondrous products are in the pipeline.
Cures for a variety of deadly diseases are in sight, and so are big potential profits for early investors. Zacks names 5 stocks to buy now.
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M&T Bank (MTB) Q1 Earnings Miss on Higher Costs; Revenues Up
Have you been eager to see how M&T Bank Corporation (MTB - Free Report) performed in Q1 in comparison with the market expectations? Let’s quickly scan through the key facts from this New York-based major bank’s earnings release this morning:
An Earnings Miss
M&T Bank came out with net operating earnings per share of $2.26, lagging the Zacks Consensus Estimate of $2.74. Earnings miss reflected elevated expenses.
How Was the Estimate Revision Trend?
You should note that the earnings estimate for M&T Bank depicted neutral stance prior to the earnings release. The Zacks Consensus Estimate remained stable over the last seven days.
Regarding earnings surprise history, before posting earnings miss in Q1, the company delivered positive earnings surprises in three of the trailing four quarters, with an average positive surprise of 4.84% in the trailing four quarters.
M&T Bank Corporation Price and EPS Surprise
M&T Bank Corporation Price and EPS Surprise | M&T Bank Corporation Quote
Revenue Came In Higher Than Expected
M&T Bank posted net revenues of $1.44 billion, which outpaced the Zacks Consensus Estimate of $1.42 billion. Further, it compared favorably with the year-ago number of $1.37 billion.
Key Takeaways
What Zacks Rank Says
The estimate revisions that we discussed earlier have driven a Zacks Rank #2 (Buy) for M&T Bank. 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 unfavorable, it all depends on what sense the just-released report makes to the analysts.
(You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.)
Check back later for our full write up on this M&T Bank earnings report!
Investor Alert: Breakthroughs Pending
A medical advance is now at the flashpoint between theory and realization. Billions of dollars in research have poured into it. Companies are already generating substantial revenue, and even more wondrous products are in the pipeline.
Cures for a variety of deadly diseases are in sight, and so are big potential profits for early investors. Zacks names 5 stocks to buy now.
Click here to see them >>