U.S. Bancorp tops 2Q net income expectations, misses revenue forecasts

Industries Associated Press

U.S. Bancorp (USB) on Wednesday reported second-quarter earnings of $1.48 billion.

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The bank, based in Minneapolis, said it had earnings of 80 cents per share.

The results topped Wall Street expectations. The average estimate of 12 analysts surveyed by Zacks Investment Research was for earnings of 79 cents per share.

The financial services holding company posted revenue of $4.99 billion in the period, falling short of Street forecasts. Eight analysts surveyed by Zacks expected $5.01 billion.

U.S. Bancorp shares have declined slightly more than 2 percent since the beginning of the year, while the Standard & Poor's 500 index has risen slightly more than 2 percent. The stock has climbed slightly more than 1 percent in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on USB at http://www.zacks.com/ap/USB

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Keywords: U.S. Bancorp, Earnings Report