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KeyCorp (KEY) Reports Q1 Earnings: What Key Metrics Have to Say
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KeyCorp (KEY - Free Report) reported $1.71 billion in revenue for the quarter ended March 2023, representing a year-over-year increase of 1%. EPS of $0.44 for the same period compares to $0.45 a year ago.
The reported revenue represents a surprise of -4.59% over the Zacks Consensus Estimate of $1.79 billion. With the consensus EPS estimate being $0.41, the EPS surprise was +7.32%.
While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance.
Since these metrics play a crucial role in driving the top- and bottom-line numbers, comparing them with the year-ago numbers and what analysts estimated about them helps investors better project a stock's price performance.
Here is how KeyCorp performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:
Average balance - Total earning assets: $174.69 billion versus $173.92 billion estimated by six analysts on average.
Cash Efficiency Ratio (non-GAAP): 68% versus the six-analyst average estimate of 61.5%.
Net Interest margin - Proforma: 2.47% versus the six-analyst average estimate of 2.69%.
Net loan charge-offs to average loans: 0.15% compared to the 0.24% average estimate based on five analysts.
Trust and investment services income: $128 million versus $124.93 million estimated by six analysts on average.
Investment banking and debt placement fees: $145 million versus $151.24 million estimated by six analysts on average.
Service charges on deposit accounts: $67 million versus the six-analyst average estimate of $70.49 million.
Cards and payments income: $81 million versus the six-analyst average estimate of $81.05 million.
Corporate services income: $76 million versus $87.06 million estimated by six analysts on average.
Net interest income (FTE basis): $1.11 billion versus $1.16 billion estimated by six analysts on average.
Total Noninterest Income: $608 million versus the six-analyst average estimate of $633.46 million.
Consumer mortgage income: $11 million compared to the $9.41 million average estimate based on five analysts.
Shares of KeyCorp have returned +2.7% over the past month versus the Zacks S&P 500 composite's +6.2% change. The stock currently has a Zacks Rank #5 (Strong Sell), indicating that it could underperform the broader market in the near term.
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KeyCorp (KEY) Reports Q1 Earnings: What Key Metrics Have to Say
KeyCorp (KEY - Free Report) reported $1.71 billion in revenue for the quarter ended March 2023, representing a year-over-year increase of 1%. EPS of $0.44 for the same period compares to $0.45 a year ago.
The reported revenue represents a surprise of -4.59% over the Zacks Consensus Estimate of $1.79 billion. With the consensus EPS estimate being $0.41, the EPS surprise was +7.32%.
While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance.
Since these metrics play a crucial role in driving the top- and bottom-line numbers, comparing them with the year-ago numbers and what analysts estimated about them helps investors better project a stock's price performance.
Here is how KeyCorp performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:
- Average balance - Total earning assets: $174.69 billion versus $173.92 billion estimated by six analysts on average.
- Cash Efficiency Ratio (non-GAAP): 68% versus the six-analyst average estimate of 61.5%.
- Net Interest margin - Proforma: 2.47% versus the six-analyst average estimate of 2.69%.
- Net loan charge-offs to average loans: 0.15% compared to the 0.24% average estimate based on five analysts.
- Trust and investment services income: $128 million versus $124.93 million estimated by six analysts on average.
- Investment banking and debt placement fees: $145 million versus $151.24 million estimated by six analysts on average.
- Service charges on deposit accounts: $67 million versus the six-analyst average estimate of $70.49 million.
- Cards and payments income: $81 million versus the six-analyst average estimate of $81.05 million.
- Corporate services income: $76 million versus $87.06 million estimated by six analysts on average.
- Net interest income (FTE basis): $1.11 billion versus $1.16 billion estimated by six analysts on average.
- Total Noninterest Income: $608 million versus the six-analyst average estimate of $633.46 million.
- Consumer mortgage income: $11 million compared to the $9.41 million average estimate based on five analysts.
View all Key Company Metrics for KeyCorp here>>>Shares of KeyCorp have returned +2.7% over the past month versus the Zacks S&P 500 composite's +6.2% change. The stock currently has a Zacks Rank #5 (Strong Sell), indicating that it could underperform the broader market in the near term.