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Citizens Financial (CFG) Tops Q2 Earnings on High Revenues
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Have you been eager to see how Citizens Financial Group (CFG - Free Report) performed in Q2 in comparison with the market expectations? Let’s quickly scan through the key facts from this Providence, RI-based financial services company’s earnings release this morning:
An Earnings Beat
Citizens Financial came out with earnings per share of 88 cents, surpassing the Zacks Consensus Estimate of 86 cents. Higher revenues were primarily responsible for the beat.
How Was the Estimate Revision Trend?
You should note that the earnings estimate for Citizens Financial depicted neutral stance prior to the earnings release. The Zacks Consensus Estimate remained unchanged over the last seven days.
Notably, Citizens Financial has an impressive earnings surprise history. Before posting earnings beat in Q2, the company delivered positive surprises in all the trailing four quarters with an average of 5.4%.
Citizens Financial Group, Inc. Price and EPS Surprise
Citizens Financial posted total revenues of $1.51 billion for the quarter in line with the Zacks Consensus Estimate. The reported figure improved 8% year over year.
Key Takeaways:
Net interest margin improved 21 basis points year over year to 3.18%.
Efficiency ratio improved to 58% from 62% in the prior year quarter. Generally, lower ratio is indicative of the improved efficiency.
Provision for credit losses increased 21% year over year to $85 million.
The company launched next phase of its Tapping Our Potential efficiency program. The new TOP V program is expected to deliver pre-tax expense and revenue enhancements of nearly $90 to $100 million by the end of 2019.
What Zacks Rank Says
The estimate revisions that we discussed earlier have driven a Zacks Rank #2 (Buy) for Citizens Financial. 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 Citizens Financial earnings report!
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Citizens Financial (CFG) Tops Q2 Earnings on High Revenues
Have you been eager to see how Citizens Financial Group (CFG - Free Report) performed in Q2 in comparison with the market expectations? Let’s quickly scan through the key facts from this Providence, RI-based financial services company’s earnings release this morning:
An Earnings Beat
Citizens Financial came out with earnings per share of 88 cents, surpassing the Zacks Consensus Estimate of 86 cents. Higher revenues were primarily responsible for the beat.
How Was the Estimate Revision Trend?
You should note that the earnings estimate for Citizens Financial depicted neutral stance prior to the earnings release. The Zacks Consensus Estimate remained unchanged over the last seven days.
Notably, Citizens Financial has an impressive earnings surprise history. Before posting earnings beat in Q2, the company delivered positive surprises in all the trailing four quarters with an average of 5.4%.
Citizens Financial Group, Inc. Price and EPS Surprise
Citizens Financial Group, Inc. Price and EPS Surprise | Citizens Financial Group, Inc. Quote
Revenues Came in as Expected
Citizens Financial posted total revenues of $1.51 billion for the quarter in line with the Zacks Consensus Estimate. The reported figure improved 8% year over year.
Key Takeaways:
What Zacks Rank Says
The estimate revisions that we discussed earlier have driven a Zacks Rank #2 (Buy) for Citizens Financial. 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 Citizens Financial earnings report!
Will You Make a Fortune on the Shift to Electric Cars?
Here's another stock idea to consider. Much like petroleum 150 years ago, lithium power may soon shake the world, creating millionaires and reshaping geo-politics. Soon electric vehicles (EVs) may be cheaper than gas guzzlers. Some are already reaching 265 miles on a single charge.
With battery prices plummeting and charging stations set to multiply, one company stands out as the #1 stock to buy according to Zacks research.
It's not the one you think.
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