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Fifth Third (FITB) Q2 Earnings Beat Estimates, Revenues Up
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Have you been eager to see how Fifth Third Bancorp (FITB - Free Report) performed in Q2 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 71 cents (including certain one-time items), beating the Zacks Consensus Estimate of 66 cents. Results were aided by higher revenues, partly offset by elevated expenses and provisions.
Excluding one-time items, earnings per share would have been 57 cents, down 30.5% 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 66 cents over the last seven days.
Notably, Fifth Third has an impressive earnings surprise history. Before posting earnings beat in Q2, the company delivered positive surprises all the prior four quarters. Overall, the company surpassed the Zacks Consensus Estimate by an average of 5.47% in the trailing four quarters.
Fifth Third posted revenues of $1.91 billion, surpassing the Zacks Consensus Estimate of $1.9 billion. However, revenues were up 8.1% year over year.
Key Stats:
Net income available to common shareholders decreased 26% year over year to $427 million.
Provision for credit losses increased significantly year over year to $85 million.
Return on average assets decreased to 1.08% from 1.71% in the prior year quarter.
What Zacks Rank Says
The estimate revisions that we discussed earlier have driven a Zacks Rank #3 (Hold) 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) Q2 Earnings Beat Estimates, Revenues Up
Have you been eager to see how Fifth Third Bancorp (FITB - Free Report) performed in Q2 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 71 cents (including certain one-time items), beating the Zacks Consensus Estimate of 66 cents. Results were aided by higher revenues, partly offset by elevated expenses and provisions.
Excluding one-time items, earnings per share would have been 57 cents, down 30.5% 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 66 cents over the last seven days.
Notably, Fifth Third has an impressive earnings surprise history. Before posting earnings beat in Q2, the company delivered positive surprises all the prior four quarters. Overall, the company surpassed the Zacks Consensus Estimate by an average of 5.47% in the trailing four quarters.
Fifth Third Bancorp Price and EPS Surprise
Fifth Third Bancorp price-eps-surprise | Fifth Third Bancorp Quote
Revenue Came In Lower Than Expected
Fifth Third posted revenues of $1.91 billion, surpassing the Zacks Consensus Estimate of $1.9 billion. However, revenues were up 8.1% year over year.
Key Stats:
What Zacks Rank Says
The estimate revisions that we discussed earlier have driven a Zacks Rank #3 (Hold) 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!
Today's Best Stocks from Zacks
Would you like to see the updated picks from our best market-beating strategies? From 2017 through 2018, while the S&P 500 gained +15.8%, five of our screens returned +38.0%, +61.3%, +61.6%, +68.1%, and +98.3%.
This outperformance has not just been a recent phenomenon. From 2000 – 2018, while the S&P averaged +4.8% per year, our top strategies averaged up to +56.2% per year.
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