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Here's What Key Metrics Tell Us About KeyCorp (KEY) Q2 Earnings
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For the quarter ended June 2023, KeyCorp (KEY - Free Report) reported revenue of $1.59 billion, down 11.1% over the same period last year. EPS came in at $0.27, compared to $0.54 in the year-ago quarter.
The reported revenue compares to the Zacks Consensus Estimate of $1.61 billion, representing a surprise of -1.38%. The company delivered an EPS surprise of -6.90%, with the consensus EPS estimate being $0.29.
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 KeyCorp performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:
Net Interest margin - Proforma: 2.29% versus the six-analyst average estimate of 2.26%.
Average balance - Total earning assets: $180.64 billion versus $178.35 billion estimated by six analysts on average.
Net loan charge-offs to average loans: 0.17% versus the five-analyst average estimate of 0.25%.
Cash Efficiency Ratio (non-GAAP): 66.8% compared to the 66.51% average estimate based on five analysts.
Nonperforming assets - Total: $462 million compared to the $470.37 million average estimate based on two analysts.
Tier 1 Risk-based Capital Ratio: 10.7% versus 10.58% estimated by two analysts on average.
Total Risk-based Capital Ratio: 13% versus 12.48% estimated by two analysts on average.
Leverage Ratio: 8.7% compared to the 8.86% average estimate based on two analysts.
Nonperforming loans at period-end: $431 million versus $446.20 million estimated by two analysts on average.
Service charges on deposit accounts: $69 million compared to the $70.59 million average estimate based on six analysts.
Corporate services income: $86 million compared to the $82.95 million average estimate based on six analysts.
Trust and investment services income: $126 million compared to the $131.52 million average estimate based on six analysts.
Shares of KeyCorp have returned +16% over the past month versus the Zacks S&P 500 composite's +3.6% 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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Here's What Key Metrics Tell Us About KeyCorp (KEY) Q2 Earnings
For the quarter ended June 2023, KeyCorp (KEY - Free Report) reported revenue of $1.59 billion, down 11.1% over the same period last year. EPS came in at $0.27, compared to $0.54 in the year-ago quarter.
The reported revenue compares to the Zacks Consensus Estimate of $1.61 billion, representing a surprise of -1.38%. The company delivered an EPS surprise of -6.90%, with the consensus EPS estimate being $0.29.
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 KeyCorp performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:
- Net Interest margin - Proforma: 2.29% versus the six-analyst average estimate of 2.26%.
- Average balance - Total earning assets: $180.64 billion versus $178.35 billion estimated by six analysts on average.
- Net loan charge-offs to average loans: 0.17% versus the five-analyst average estimate of 0.25%.
- Cash Efficiency Ratio (non-GAAP): 66.8% compared to the 66.51% average estimate based on five analysts.
- Nonperforming assets - Total: $462 million compared to the $470.37 million average estimate based on two analysts.
- Tier 1 Risk-based Capital Ratio: 10.7% versus 10.58% estimated by two analysts on average.
- Total Risk-based Capital Ratio: 13% versus 12.48% estimated by two analysts on average.
- Leverage Ratio: 8.7% compared to the 8.86% average estimate based on two analysts.
- Nonperforming loans at period-end: $431 million versus $446.20 million estimated by two analysts on average.
- Service charges on deposit accounts: $69 million compared to the $70.59 million average estimate based on six analysts.
- Corporate services income: $86 million compared to the $82.95 million average estimate based on six analysts.
- Trust and investment services income: $126 million compared to the $131.52 million average estimate based on six analysts.
View all Key Company Metrics for KeyCorp here>>>Shares of KeyCorp have returned +16% over the past month versus the Zacks S&P 500 composite's +3.6% change. The stock currently has a Zacks Rank #5 (Strong Sell), indicating that it could underperform the broader market in the near term.