PNC Financial Services GroupThe's (PNC) profit dropped in the second quarter.
Earnings and Revenue
Both EPS and revenues failed to meet Wall Street expectations as The company posted EPS of 98 cents a share and revenues of $3.62 billion. Analysts were expecting EPS of $1.14 a share and revenues of $3.71 billion. The estimates of 23 analysts ranged from profit of 78 cents to profit of $1.78.
The company's net income for the quarter fell 40.1% to $546 million. Revenue climbed 0.6% from $4.04 billion in the same period last year.
History Against Expectations
The company missed estimates last quarter after surpassing the mark the quarter before. It reported net income of $1.67 versus a mean estimate of net income of $1.45 per share.
"PNC's results for the second quarter reflected strong operating performance in a challenging environment," said James E. Rohr, chairman and chief executive officer. "While we experienced a few items that reduced our earnings in the short term, we were very pleased with our success in continuing to grow customer relationships and loans resulting in strong revenue. We are excited about the opportunities we see in our newly acquired southeastern markets and across our entire franchise to drive long-term value."
Estimates provided by Zacks Investment Research and company fundamentals from Xignite Financials.