UPDATE: KeyCorp Q3 Earnings Miss Street View

KeyCorp

reported weaker-than-expected third-quarter results. The Cleveland, Ohio-based company reported quarterly earnings of $197 million, or $0.23 per share, down from $242 million, or $0.27 per share, in the year-ago quarter. During the quarter, the company incurred $35 million, or $0.03 per share, of costs related to both itsefficiency initiative and a pension settlement charge. Its revenue fell to $998 million from $1.034 billion. However, analysts were expecting earnings of $0.26 per share on revenue of $1.04 billion. Average loans rose 4.7% y/y, while average deposits gained 3.6%. Net interest income (taxable-equivalent) dropped $3 million versus the year-ago quarter, while noninterest income declined $42 million. As of September 30, 2014, the company had total assets of $89.8 billion, versus $91.8 billion at June 30, 2014. "Key's third quarter reflects solid results in our core businesses as we continue to execute on our relationship strategy, while remaining disciplined in managing risk and our strong capital position," said Chairman and Chief Executive Officer Beth Mooney. KeyCorp shares rose 0.94% to close at $12.89 yesterday.