BB & T Earnings: Here’s Why Shares are Up Now
BB & T Corp. (NYSE:BBT) delivered a profit and beat Wall Street’s expectations, AND beat the revenue expectation. The revenue beat is a positive sign to shareholders seeking high growth out of the company. Shares are up 10%.
BB & T Corp. Earnings Cheat Sheet
Results: Adjusted Earnings Per Share increased 6.94% to $0.77 in the quarter versus EPS of $0.72 in the year-earlier quarter.
Revenue: Decreased 7.34% to $2.5 billion from the year-earlier quarter.
Actual vs. Wall St. Expectations: BB & T Corp. reported adjusted EPS income of $0.77 per share. By that measure, the company beat the mean analyst estimate of $0.74. It beat the average revenue estimate of $2.46 billion.
Quoting Management: “We are pleased to report the strongest quarterly earnings in our history, supported by continued improvement in diversification strategies,” said Chairman and Chief Executive Officer Kelly S. King. “Our earnings were driven by 6% annualized growth in revenues compared with last quarter, including an 18% annualized increase in noninterest income. These results reflect record performances from our insurance, investment banking and brokerage, and trust and investment advisory businesses.
Key Stats (on next page)…