Huntington Bancshares Earnings: Here’s Why Shares are Up Now
Huntington Bancshares Inc. (NASDAQ:HBAN) delivered a profit and beat Wall Street’s expectations, BUT came up short on beating the revenue expectation. The revenue miss is a negative sign to shareholders seeking high growth out of the company. Shares are up 1.46%.
Huntington Bancshares Inc. Earnings Cheat Sheet
Results: Adjusted Earnings Per Share increased 0% to $0.17 in the quarter versus EPS of $0.17 in the year-earlier quarter.
Revenue: Decreased 8.28% to $680.2 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: Huntington Bancshares Inc. reported adjusted EPS income of $0.17 per share. By that measure, the company beat the mean analyst estimate of $0.16. It missed the average revenue estimate of $684.15 million.
Quoting Management: “Huntington had a good quarter that demonstrates progress in our strategic priorities,” said Stephen D. Steinour, chairman, president and CEO of Huntington Bank. “I am extremely pleased that we have returned to pre-recession, normal credit levels ahead of our prior expectations. This reflects our disciplined and prudent lending approach. We also continue to experience double-digit household growth. Expenses were managed slightly below our expectations. Revenue was relatively unchanged as strategic growth overcame multiple environmental headwinds and the prior quarters’ Low Income Housing Tax Credit related gains. Consumer lending and deposits have increased over the same quarter last year as consumer confidence in the recovery rises. Our commercial pipeline continues to be strong as business owners are seeing more signs of economic growth. Employment across our Midwest markets continues to improve with Ohio creating the largest month-to-month employment increase in the nation in May and Michigan coming in third.”
Key Stats (on next page)…