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Have you been eager to see how Fifth Third Bancorp (FITB - Free Report) performed in Q1 in comparison with the market expectations? Let’s quickly scan through the key facts from this Ohio-based bank’s earnings release this morning:
An Earnings Beat
Fifth Third came out with adjusted earnings per share of 57 cents, surpassing the Zacks Consensus Estimate of 48 cents. The figure excludes the net positive impact of gain from the Vantiv merger with WorldPay and charges related to the valuation of the Visa total return swap and adjustment to litigation reserves. Results reflect higher net interest income along with easing margin pressure. Strong capital position was another tailwind.
How Was the Estimate Revision Trend?
You should note that the earnings estimate for Fifth Third depicted neutral stance to the earnings release. The Zacks Consensus Estimate remained stable over the last seven days.
Notably, Fifth Third has a decent earnings surprise history. Before posting an earnings beat in Q1, the company delivered positive surprises in two of the prior four quarters. Overall, the company surpassed the Zacks Consensus Estimate by an average of 5% in the trailing four quarters.
Fifth Third posted revenues of $1.91 billion, up nearly 31% year over year. Also, the reported figure surpassed the Zacks Consensus Estimate of $1.55 billion.
Key Stats:
Non-Interest Expenses increased 6% on a year-over-year basis
Provision for loan and lease losses declined 69% year over year to $23 million
Net Interest Margin (taxable equivalent) came in at 3.18%, up 16 basis point year over year
Mortgage banking revenues climbed 8% year over year to $56 million
What Zacks Rank Says
The estimate revisions that we discussed earlier have driven a Zacks Rank #3 (Hold) for Fifth Third. 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 Fifth Third earnings report!
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Image: Bigstock
Fifth Third's (FITB) Q1 Earnings & Revenues Beat Estimates
Have you been eager to see how Fifth Third Bancorp (FITB - Free Report) performed in Q1 in comparison with the market expectations? Let’s quickly scan through the key facts from this Ohio-based bank’s earnings release this morning:
An Earnings Beat
Fifth Third came out with adjusted earnings per share of 57 cents, surpassing the Zacks Consensus Estimate of 48 cents. The figure excludes the net positive impact of gain from the Vantiv merger with WorldPay and charges related to the valuation of the Visa total return swap and adjustment to litigation reserves. Results reflect higher net interest income along with easing margin pressure. Strong capital position was another tailwind.
How Was the Estimate Revision Trend?
You should note that the earnings estimate for Fifth Third depicted neutral stance to the earnings release. The Zacks Consensus Estimate remained stable over the last seven days.
Notably, Fifth Third has a decent earnings surprise history. Before posting an earnings beat in Q1, the company delivered positive surprises in two of the prior four quarters. Overall, the company surpassed the Zacks Consensus Estimate by an average of 5% in the trailing four quarters.
Fifth Third Bancorp Price and EPS Surprise
Fifth Third Bancorp Price and EPS Surprise | Fifth Third Bancorp Quote
Revenues Came in More Than Expected
Fifth Third posted revenues of $1.91 billion, up nearly 31% year over year. Also, the reported figure surpassed the Zacks Consensus Estimate of $1.55 billion.
Key Stats:
What Zacks Rank Says
The estimate revisions that we discussed earlier have driven a Zacks Rank #3 (Hold) for Fifth Third. 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.
(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 Fifth Third earnings report!
Will You Make a Fortune on the Shift to Electric Cars?
Here's another stock idea to consider. Much like petroleum 150 years ago, lithium power may soon shake the world, creating millionaires and reshaping geo-politics. Soon electric vehicles (EVs) may be cheaper than gas guzzlers. Some are already reaching 265 miles on a single charge.
With battery prices plummeting and charging stations set to multiply, one company stands out as the #1 stock to buy according to Zacks research.
It's not the one you think.
See This Ticker Free >>