PNC Financial Services Group Reports Falling Profit
PNC Financial Services Group (NYSE: PNC) announced its results for the third quarter on October 19, 2011. Let's take a closer look at the company's industry, financials, and commentary and see what steps you can take next.
Earnings and Revenue:
PNC Financial Services Group announced EPS of $1.55/share versus the $1.49/share estimate. Noninterest income was $1.37 billion last quarter.
With last quarter's falling profit, the company breaks a streak of two consecutive quarters of year-over-year profit increases.
Income:
For the year, PNC Financial Services Group reported net income of $6.39/share. The company trumped analyst projections of $5.93 by 7.8%. According to the reported number, the company's income fell 24.6% from last year's levels.
Official Comment:
"PNC's results for the third quarter were driven by strong performance across our businesses and markets as we continued to grow customers, loans and deposits," said James E. Rohr, chairman and chief executive officer. "We increased capital and managed risk by improving overall credit quality. We are managing expenses effectively so we can further invest in products and services. Despite softness in the economy, we believe our business model will continue to deliver quality growth in the future."
Industry:
The banks-major regional company's industry is currently enjoying price/earnings growth of 0.9%. With its recently reported EPS, the company is trailing the industry's estimate average by 90.9%.
What to Do Next:
Now you can make a better-informed decision about whether to buy, sell or hold PNC Financial Services Group shares until the next earnings announcement. Whatever you do, be sure to check back in with us before the company's next earnings release for a full prep sheet, just like the one we did here.
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