Bank of America Earnings: Moving in the Right Direction?
Even though Bank of America Corporation (NYSE:BAC) delivered a profit in its latest quarterly report, the bank saw double-digit percentage declines year-over-year on both the top-line and both-line. On a positive note, the bank topped Wall Street profit and revenue estimates. The revenue beat is a positive sign to shareholders seeking brighter days ahead. Shares are down 0.42%.
Bank of America Corporation Earnings Cheat Sheet
Results: Net income decreased -64.84% to $700 million (3 cents per diluted share) in the quarter versus a net gain of $1.99 billion in the year-earlier quarter.
Revenue: Decreased 23.86% to $22.6 billion from the year-earlier quarter.
Actual vs. Wall St. Expectations: Bank of America Corporation reported adjusted net income of 3 cents per share. By that measure, the company beat the mean analyst estimate of $0.02. It beat the average revenue estimate of $21.03 billion.
Quoting Management: “We addressed significant legacy issues in 2012 and our strengths are coming through,” said Chief Financial Officer Bruce Thompson…