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U.S. Bancorp (USB) Reports Q2 Earnings: What Key Metrics Have to Say
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U.S. Bancorp (USB - Free Report) reported $7.14 billion in revenue for the quarter ended June 2023, representing a year-over-year increase of 19.4%. EPS of $1.12 for the same period compares to $1.09 a year ago.
The reported revenue represents a surprise of -0.21% over the Zacks Consensus Estimate of $7.16 billion. With the consensus EPS estimate being $1.13, the EPS surprise was -0.88%.
While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine their next move, some key metrics always offer a more accurate picture of a company's financial health.
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 U.S. Bancorp performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:
Net interest margin (FTE): 2.9% versus 2.99% estimated by seven analysts on average.
Efficiency Ratio: 63.7% compared to the 59.77% average estimate based on seven analysts.
Total earning assets - Average balance: $613.84 billion versus $606.79 billion estimated by seven analysts on average.
Net charge-off as % of Average loans: 0.67% compared to the 0.36% average estimate based on six analysts.
Total nonperforming assets: $1.09 billion versus $1.26 billion estimated by four analysts on average.
Total nonperforming loans: $1.04 billion versus $1.23 billion estimated by four analysts on average.
Leverage ratio: 7.5% versus 7.75% estimated by two analysts on average.
Tier 1 Capital Ratio: 10.6% versus 10.2% estimated by two analysts on average.
Commercial products revenue: $358 million versus the seven-analyst average estimate of $322.28 million.
Total Noninterest Income: $2.73 billion versus $2.66 billion estimated by seven analysts on average.
Mortgage banking revenue: $161 million versus $142.69 million estimated by seven analysts on average.
Net interest income (FTE): $4.45 billion compared to the $4.51 billion average estimate based on seven analysts.
Shares of U.S. Bancorp have returned +8.8% over the past month versus the Zacks S&P 500 composite's +3.4% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term.
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U.S. Bancorp (USB) Reports Q2 Earnings: What Key Metrics Have to Say
U.S. Bancorp (USB - Free Report) reported $7.14 billion in revenue for the quarter ended June 2023, representing a year-over-year increase of 19.4%. EPS of $1.12 for the same period compares to $1.09 a year ago.
The reported revenue represents a surprise of -0.21% over the Zacks Consensus Estimate of $7.16 billion. With the consensus EPS estimate being $1.13, the EPS surprise was -0.88%.
While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine their next move, some key metrics always offer a more accurate picture of a company's financial health.
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 U.S. Bancorp performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:
- Net interest margin (FTE): 2.9% versus 2.99% estimated by seven analysts on average.
- Efficiency Ratio: 63.7% compared to the 59.77% average estimate based on seven analysts.
- Total earning assets - Average balance: $613.84 billion versus $606.79 billion estimated by seven analysts on average.
- Net charge-off as % of Average loans: 0.67% compared to the 0.36% average estimate based on six analysts.
- Total nonperforming assets: $1.09 billion versus $1.26 billion estimated by four analysts on average.
- Total nonperforming loans: $1.04 billion versus $1.23 billion estimated by four analysts on average.
- Leverage ratio: 7.5% versus 7.75% estimated by two analysts on average.
- Tier 1 Capital Ratio: 10.6% versus 10.2% estimated by two analysts on average.
- Commercial products revenue: $358 million versus the seven-analyst average estimate of $322.28 million.
- Total Noninterest Income: $2.73 billion versus $2.66 billion estimated by seven analysts on average.
- Mortgage banking revenue: $161 million versus $142.69 million estimated by seven analysts on average.
- Net interest income (FTE): $4.45 billion compared to the $4.51 billion average estimate based on seven analysts.
View all Key Company Metrics for U.S. Bancorp here>>>Shares of U.S. Bancorp have returned +8.8% over the past month versus the Zacks S&P 500 composite's +3.4% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term.