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Fifth Third (FITB) Q3 Earnings Beat Estimates, Revenues Up

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Have you been eager to see how Fifth Third Bancorp (FITB - Free Report) performed in Q3 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 75 cents (including certain one-time items), beating the Zacks Consensus Estimate of 73 cents. Results were aided by higher revenues, partly offset by elevated expenses and provisions.

Excluding one-time items, earnings per share would have been 71 cents, up 16% year over year.

How Was the Estimate Revision Trend?

You should note that the earnings estimate revisions for Fifth Third depicted a neutral stance prior to the earnings release. The Zacks Consensus Estimate remained unchanged at 73 cents over the last seven days.

Notably, Fifth Third has an impressive earnings surprise history. Before posting earnings beat in Q3, the company delivered positive surprises all the prior four quarters. Overall, the company surpassed the Zacks Consensus Estimate by an average of 4.74% in the trailing four quarters.

Fifth Third Bancorp Price and EPS Surprise

Revenue Came In Better Than Expected

Fifth Third posted revenues of $1.99 billion, surpassing the Zacks Consensus Estimate of $1.94 billion. Also, revenues were up 23.4% year over year.

Key Stats:

  • Net income available to common shareholders increased 26% year over year to $530 million.
  • Provision for credit losses increased 60% year over year to $134 million.
  • Return on average assets increased to 1.28% from 1.22% 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.

(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!

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