U.S. Bancorp Joins List of Banks With Unimpressive Q1 Revenue
Published Apr 17, 2019 06:48AM ET
Updated Apr 17, 2019 07:18AM ET
Investing.com - U.S. Bancorp managed to produce first-quarter profit that matched consensus forecasts as loans at the beginning of the year registered solid growth, but revenue fell just short of estimates, following a trend seen in several of its financial sector competitors.
The bank reported earnings per share of $1.00 on revenue of $5.58 billion. Analysts polled by Investing.com forecast EPS of $1.00 on revenue of $5.59 billion.
The miss on revenue mirrored disappointing top line numbers seen this week from larger rivals Bank of America and Goldman Sachs.
Some financial firms successfully avoided a similar fate in the first three months of the year as JP Morgan set the bar high last Friday, producing quarterly numbers that beat on both the top and bottom lines, while Morgan Stanley also reported better-than-expected numbers on Wednesday.
Andy Cecere - U.S. Bancorp chairman, president and CEO - tried to reassure investors, saying that the first-quarter results were “a good start to the year as momentum is continuing across our lending and fee businesses." The company is pleased with the results this quarter, and remains "focused on the long-term success of this company - and the disciplined investment in people and technology that will drive that success,” he said.
Ahead of the open on Wall Street, shares in U.S. Bancorp (NYSE:USB) closed the previous session up 0.8% at $50.28.
h2 U.S. Bancorp follows other major Financial sector earnings this month/h2On Friday, JPMorgan reported first quarter EPS of $2.65 on revenue of $29.85 billion, compared to forecasts of EPS of $2.35 on revenue of $28.44 billion.
Bank of America earnings Beat analysts' expectations on Tuesday, with first quarter EPS of $0.7 on revenue of $23 billion. Investing.com analysts expected EPS of $0.66 on revenue of $23.2 billion.
Stay up-to-date on all of the upcoming earnings reports by visiting Investing.com's earnings calendar
Get The News You Want
Written By: Investing.com
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.