PNC Financial Services Group Inc. (NYSE:PNC) delivered a profit and missed Wall Street’s expectations, BUT beat the revenue expectation. The revenue beat is a positive sign to shareholders seeking high growth out of the company. Shares are up 2.29%.
PNC Financial Services Group Inc. Earnings Cheat Sheet
Results: Net income increased 51.05% to $719 million (1.24 cents per diluted share) in the quarter versus a net gain of $476 million in the year-earlier quarter.
Revenue: Rose 3.59% to $4.07 billion from the year-earlier quarter.
Actual vs. Wall St. Expectations: Excluding the cost of increased mortgage putback reserves and other one-time items, earnings per share were $1.71, beating the mean analyst estimate of $1.57. It beat the average revenue estimate of $3.94 billion.
Quoting Management: “PNC expanded its businesses significantly in 2012…Our balance sheet strength along with our committed employees allowed us to grow customers, loans and deposits across our franchise and expand into Southeastern markets. While we are pleased with the progress we have made, our financial results do not yet reflect the full potential from our investments…