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Fifth Third (FITB) Q1 Earnings Beat Estimates, Revenues Up
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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 63 cents (excluding certain one-time items), beating the Zacks Consensus Estimate of 59 cents. Results were aided by higher revenues, partly offset by elevated expenses and provisions.
Including one-time items, earnings per share would have been $1.12, up 17% year over year.
How Was the Estimate Revision Trend?
You should note that the earnings estimate for Fifth Third was stable prior to the earnings release. The Zacks Consensus Estimate remained unchanged at 59 cents over the last seven days.
Notably, Fifth Third has an impressive earnings surprise history. Before posting earnings beat in Q1, the company delivered positive surprises all the prior four quarters. Overall, the company surpassed the Zacks Consensus Estimate by an average of 8.47% in the trailing four quarters.
Fifth Third posted revenues of $1.65 billion, lagging the Zacks Consensus Estimate of $1.66 billion. However, revenues were up 6.5% year over year.
Key Stats:
Net income available to common shareholders increased 11% year over year to $760 million.
Provision for credit losses increased significantly year over year to $90 million.
Return on average assets increased to 2.11% from 2.01% in the prior year quarter.
What Zacks Rank Says
The estimate revisions that we discussed earlier have driven a Zacks Rank #2 (Buy) 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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Fifth Third (FITB) Q1 Earnings Beat Estimates, Revenues Up
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 63 cents (excluding certain one-time items), beating the Zacks Consensus Estimate of 59 cents. Results were aided by higher revenues, partly offset by elevated expenses and provisions.
Including one-time items, earnings per share would have been $1.12, up 17% year over year.
How Was the Estimate Revision Trend?
You should note that the earnings estimate for Fifth Third was stable prior to the earnings release. The Zacks Consensus Estimate remained unchanged at 59 cents over the last seven days.
Notably, Fifth Third has an impressive earnings surprise history. Before posting earnings beat in Q1, the company delivered positive surprises all the prior four quarters. Overall, the company surpassed the Zacks Consensus Estimate by an average of 8.47% in the trailing four quarters.
Fifth Third Bancorp Price and EPS Surprise
Fifth Third Bancorp Price and EPS Surprise | Fifth Third Bancorp Quote
Revenue Came In Lower Than Expected
Fifth Third posted revenues of $1.65 billion, lagging the Zacks Consensus Estimate of $1.66 billion. However, revenues were up 6.5% year over year.
Key Stats:
What Zacks Rank Says
The estimate revisions that we discussed earlier have driven a Zacks Rank #2 (Buy) 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!
Biggest Tech Breakthrough in a Generation
Be among the early investors in the new type of device that experts say could impact society as much as the discovery of electricity. Current technology will soon be outdated and replaced by these new devices. In the process, it’s expected to create 22 million jobs and generate $12.3 trillion in activity.
A select few stocks could skyrocket the most as rollout accelerates for this new tech. Early investors could see gains similar to buying Microsoft in the 1990s. Zacks’ just-released special report reveals 7 stocks to watch. The report is only available for a limited time.
See 7 breakthrough stocks now>>