KeyCorp Earnings: Here’s Why the Stock is Up Now
KeyCorp (NYSE:KEY) 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 2.51%.
KeyCorp Earnings Cheat Sheet
Results: Adjusted Earnings Per Share decreased 12.5% to $0.21 in the quarter versus EPS of $0.24 in the year-earlier quarter.
Revenue: Decreased 11.51% to $1.02 billion from the year-earlier quarter.
Actual vs. Wall St. Expectations: KeyCorp reported adjusted EPS income of $0.21 per share. By that measure, the company beat the mean analyst estimate of $0.2. It missed the average revenue estimate of $1.02 billion.
Quoting Management: “During the second quarter, the strength of our business model continued to drive results. Key made clear progress implementing growth initiatives, improving its cost structure and executing capital priorities,” said Chairman and Chief Executive Officer Beth Mooney.
Key Stats (on next page)…