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KeyCorp (KEY) Misses Q2 Earnings on Lower Revenues
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Have you been eager to see how KeyCorp. (KEY - Free Report) performed in Q2 in comparison with the market expectations? Let’s quickly scan through the key facts from this Cleveland-based bank-oriented financial services company’s earnings release this morning:
An Earnings Miss
KeyCorp came out with adjusted earnings per share of 27 cents, missing the Zacks Consensus Estimate of 28 cents.
Fall in revenue was largely responsible for earnings miss.
How Was the Estimate Revision Trend?
You should note that the earnings estimate revisions for KeyCorp depicted a neutral stance prior to the earnings release. The Zacks Consensus Estimate remained flat over the last 7 days.
However, KeyCorp doest not have a decent earnings surprise history. Before posting the earnings miss in Q2, the company delivered negative surprises in two quarters of the prior four quarters.
KeyCorp posted total revenues of $1.08 billion, which lagged the Zacks Consensus Estimate of $1.09 billion. Moreover, the figure was relatively in line with the year-ago figure.
Key Stats to Note:
• Net interest income benefited from higher earning asset balances and an increase in earning asset yields • Average loans rose 5.5%, driven by growth in commercial, financial and agricultural loans • Average deposits (excluding deposits in foreign office) increased 5.2% reflecting growth in commercial mortgage servicing business and inflows from commercial clients • Provision for credit losses surged 26.8%
What Zacks Rank Says
The estimate revisions that we discussed earlier have driven a Zacks Rank #4 (Sell) for KeyCorp. 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 unfavorable, it all depends on what sense the just-released report makes to the analysts.
Check back later for our full write up on this KeyCorp earnings report!
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KeyCorp (KEY) Misses Q2 Earnings on Lower Revenues
Have you been eager to see how KeyCorp. (KEY - Free Report) performed in Q2 in comparison with the market expectations? Let’s quickly scan through the key facts from this Cleveland-based bank-oriented financial services company’s earnings release this morning:
An Earnings Miss
KeyCorp came out with adjusted earnings per share of 27 cents, missing the Zacks Consensus Estimate of 28 cents.
Fall in revenue was largely responsible for earnings miss.
How Was the Estimate Revision Trend?
You should note that the earnings estimate revisions for KeyCorp depicted a neutral stance prior to the earnings release. The Zacks Consensus Estimate remained flat over the last 7 days.
However, KeyCorp doest not have a decent earnings surprise history. Before posting the earnings miss in Q2, the company delivered negative surprises in two quarters of the prior four quarters.
KEYCORP NEW Price and EPS Surprise
KEYCORP NEW Price and EPS Surprise | KEYCORP NEW Quote
Revenue Came In Lower Than Expected
KeyCorp posted total revenues of $1.08 billion, which lagged the Zacks Consensus Estimate of $1.09 billion. Moreover, the figure was relatively in line with the year-ago figure.
Key Stats to Note:
• Net interest income benefited from higher earning asset balances and an increase in earning asset yields
• Average loans rose 5.5%, driven by growth in commercial, financial and agricultural loans
• Average deposits (excluding deposits in foreign office) increased 5.2% reflecting growth in commercial mortgage servicing business and inflows from commercial clients
• Provision for credit losses surged 26.8%
What Zacks Rank Says
The estimate revisions that we discussed earlier have driven a Zacks Rank #4 (Sell) for KeyCorp. 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 unfavorable, it all depends on what sense the just-released report makes to the analysts.
Check back later for our full write up on this KeyCorp earnings report!
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >>