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Fifth Third (FITB) Q1 Earnings In Line, Revenues Decline
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Have you been eager to see how Fifth Third Bancorp (FITB - Free Report) performed in Q1 in comparison with the market expectations? Let’s quickly scan through the key facts from this Ohio-based bank’s earnings release this morning:
In-Line Earnings
Fifth Third came out with earnings per share of 38 cents, in line with the Zacks Consensus Estimate. Results were aided by higher net interest income and reduced provisions, offset by lower non-interest income.
How Was the Estimate Revision Trend?
You should note that the earnings estimate for Fifth Third depicted bullish stance to the earnings release. The Zacks Consensus Estimate increased slightly to 38 cents over the last 7 days.
Notably, Fifth Third has a decent earnings surprise history. Before posting in line earnings in Q1, the company delivered positive surprises in all of the prior four quarters. Overall, the company surpassed the Zacks Consensus Estimate by an average of 21.8% in the trailing four quarters.
Fifth Third posted revenues of $1.46 billion, down 5% year over year. The reported figure lagged the Zacks Consensus Estimate of $1.49 billion.
Key Stats:
Net income available to common shareholders decreased 7% year over year to $290 million.
Provision for loan and lease losses decreased 38% year over year to $74 million.
Return on average assets decreased to 0.88% in the first-quarter 2017 from 0.93% 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 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 Fifth Third earnings report!
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Fifth Third (FITB) Q1 Earnings In Line, Revenues Decline
Have you been eager to see how Fifth Third Bancorp (FITB - Free Report) performed in Q1 in comparison with the market expectations? Let’s quickly scan through the key facts from this Ohio-based bank’s earnings release this morning:
In-Line Earnings
Fifth Third came out with earnings per share of 38 cents, in line with the Zacks Consensus Estimate. Results were aided by higher net interest income and reduced provisions, offset by lower non-interest income.
How Was the Estimate Revision Trend?
You should note that the earnings estimate for Fifth Third depicted bullish stance to the earnings release. The Zacks Consensus Estimate increased slightly to 38 cents over the last 7 days.
Notably, Fifth Third has a decent earnings surprise history. Before posting in line earnings in Q1, the company delivered positive surprises in all of the prior four quarters. Overall, the company surpassed the Zacks Consensus Estimate by an average of 21.8% in the trailing four quarters.
Fifth Third Bancorp Price and EPS Surprise
Fifth Third Bancorp Price and EPS Surprise | Fifth Third Bancorp Quote
Lower Than Expected Revenues
Fifth Third posted revenues of $1.46 billion, down 5% year over year. The reported figure lagged the Zacks Consensus Estimate of $1.49 billion.
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 unfavorable, 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 stocks here.)
Check back later for our full write up on this Fifth Third earnings report!
More Stock News: This Is Bigger than the iPhone!
It could become the mother of all technological revolutions. Apple sold a mere 1 billion iPhones in 10 years but a new breakthrough is expected to generate more than 27 billion devices in just 3 years, creating a $1.7 trillion market.
Zacks has just released a Special Report that spotlights this fast-emerging phenomenon and 6 tickers for taking advantage of it. If you don't buy now, you may kick yourself in 2020. Click here for the 6 trades >>