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The Aftermath Of Friday's Earnings Calls

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The Aftermath Of Friday's Earnings Calls

Friday morning witnessed several exciting earnings calls. So, let’s look into the results, and how they compared to expectations.

Banks, Investment Firms, Financials

Wells Fargo & Co (NYSE: WFC)’s was probably the most anticipated report of the day. The mega-cap financial services and bank holding company delivered earnings of $1.03 per share, beating the Street’s consensus estimate by one cent. However, revenue of $21.586 billion fell slightly short of expectations, which called for a top line of $21.695 billion.

Another huge bank reporting its quarterly financial results on Friday morning was Citigroup Inc (NYSE: C). Earnings of $1.06 per share and revenue of $18.637 billion came in well above estimates of $1.04 per share and $17.8 billion. However, analysts are questioning the results, as a substantial number of one-time items prevented investors from getting a clear picture of what is really going on. Some analysts even argued that “if you strip out gains on the sale of unwanted assets, Citi missed expectations by some distance,” according to CNBC.

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Next up is BlackRock, Inc. (NYSE: BLK), which retrieved earnings of $4.75 per share, well below the Street’s consensus of $4.82 per share, on revenue $2.863 billion, marginally above expectations.

U.S. Bancorp (NYSE: USB) also reported Friday, delivering a small top and bottom line beat. EPS of $0.80 surpassed analysts’ consensus by one cent, while revenue of $5.211 billion were over $100 million higher than anticipated.

Wrapping up the financials for Friday, was PNC Financial Services Group Inc (NYSE: PNC), which reported earnings of $1.87 per share on revenue of $3.853 billion, well above the Street’s consensus of $1.80 per share and $3.793 billion.

Another Friday Reporter

Fastenal Company (NASDAQ: FAST)’s results were also quite disappointing. Earnings of $0.39 per share came in one cent below consensus, while sales of $922.79 million fell almost $1 million short of expectations.

Of Note

Interestingly, all of the stocks highlighted above tumbled on Friday trading.

Disclosure: Javier Hasse holds no positions in any of the securities mentioned above.

Latest Ratings for WFC

DateFirmActionFromTo
Jan 2019RBC CapitalUpgradesUnderperformSector Perform
Dec 2018Credit SuisseMaintainsNeutralNeutral
Oct 2018NomuraMaintainsBuyBuy

View More Analyst Ratings for WFC
View the Latest Analyst Ratings

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