First Niagara Financial beats 2Q profit expectations, misses revenue forecasts

MarketsAssociated Press

BUFFALO, N.Y. (AP) — First Niagara Financial Group Inc. (FNFG) on Friday reported second-quarter net income of $53.5 million.

The Buffalo, New York-based company said it had profit of 15 cents per share.

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The results exceeded Wall Street expectations. The average estimate of nine analysts surveyed by Zacks Investment Research was for earnings of 14 cents per share.

The holding company for First Niagara Bank posted revenue of $349.7 million in the period, which missed Street forecasts. Five analysts surveyed by Zacks expected $352.2 million.

First Niagara shares have increased 13 percent since the beginning of the year. The stock has increased roughly 9 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 FNFG at http://www.zacks.com/ap/FNFG

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Keywords: First Niagara Financial, Earnings Report