Western Alliance Bancorp. Earnings: Increased Profit Helps Beat the Street
Western Alliance Bancorporation (NYSE:WAL) reported net income above Wall Street’s expectations for the second quarter. Western Alliance Bancorporation, through its subsidiary banks, provides a range of banking and related services to businesses, professional firms, real estate developers and investors, local nonprofit organizations, high net worth individuals, and consumers.
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Western Alliance Bancorporation Earnings Cheat Sheet
Results: Net income for Western Alliance Bancorporation rose to $14 million (15 cents per share) vs. $6.2 million (5 cents per share) in the same quarter a year earlier. This is a more than twofold rise from the year-earlier quarter.
Actual vs. Wall St. Expectations: Western Alliance Bancorporation beat the mean analyst estimate of 13 cents per share.
The company beat estimates last quarter after meeting expectations in the first quarter with net income of 12 cents per share.
Looking Forward: Expectations for the company’s next-quarter performance are higher than they were ninety days ago. Over the past three months, the average estimate for the third quarter has risen to 17 cents per share from 16 cents. The average estimate for the fiscal year is 60 cents per share, a rise from 59 cents ninety days ago.
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(Company fundamentals provided by Xignite Financials. Earnings estimates provided by Zacks)
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