U.S. Bancorp Q3 Revenue Edges Past Estimates as EPS Climbs 10%
USB sits 26% above its 52-week low of $45.02.
Summary
Q3 net revenue rose 8.7% year over year to $7.97B, just under the $8.007B consensus — a miss of less than 1%. Adjusted EPS of $1.34 was up nearly 10% from a year ago, with net income of $2.20B. Net interest income of $4.47B benefited from higher loan balances and the small-business credit card portfolio purchase, while noninterest income got a lift from capital markets and the BTIG acquisition. The flip side: noninterest expense climbed on BTIG, compensation, technology and marketing costs, and the credit loss provision came in at $654M. Management gave no specific guidance for the current quarter or full year, which leaves the revenue miss as the main talking point. CET1 stood at 10.80%.
At the time of this announcement, USB was trading at $56.55 on NYSE in the Finance sector, with a market capitalization of approximately $87.7B. The 52-week trading range was $45.02 to $66.08. This news item was assessed with negative market sentiment and an importance score of 7 out of 10. Source: Reuters.