Wells Fargo Earnings: Everything You Must Know
Quoting Management: Chief Financial Officer Tim Sloan said, “The Company’s underlying results were driven by solid loan growth, improved credit quality, and continued success in improving efficiency. While our fourth quarter included some noteworthy items, we achieved strong returns on average assets and equity of 1.46 percent and 13.35 percent, respectively. We are very pleased with the Company’s outstanding performance despite the challenges our industry faced during this past year, including continued low interest rates and elevated unemployment. Our balanced business model helped us deliver strong results throughout these challenging times and should provide us the opportunity to continue to deliver value to our shareholders in the coming year.”
Revenue decreased 2.34% from $22.48 billion in the previous quarter. Net income increased 3.3% from $4.94 billion in the previous quarter.
Looking Forward: Analysts have a neutral outlook for the company’s next-quarter performance. Over the past three months, the average estimate for next quarter’s earnings is a profit of $0.87 and has not changed. For the current year, the average estimate has moved up from a profit of $3.33 to a profit of $3.35 over the last ninety days.
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(Company fundamentals provided by Xignite Financials.)