With a rise in net income, Suntrust Banks (NYSE:STI) beat Wall Street forecasts in the second quarter.
Earnings and Revenue The company experienced stronger-than-expected EPS and revenues. The company reported EPS of 50 cents a share versus the 44 cents a share estimate and revenues of $2.25 billion versus the $2.16 billion estimate. The estimates of 25 analysts ranged from profit of 38 cents to profit of 52 cents.
The company's net income for the quarter was $275 million. According to the reported number, this is up 54.5% from last year's levels. Revenue climbed 2.2% from $2.46 billion in the same period last year.
Company Fundamental Trends
History Against Expectations The company has now topped analyst estimates for at least the last four quarters. It beat by 14 cents in the first quarter, one cent in the fourth quarter of the last fiscal year and 4 cents in the third quarter of the last fiscal year.
Official Comment: "We delivered another quarter of improved results marked by solid noninterest income growth and increased average performing loan balances, which were up nearly $10 billion from the second quarter of last year," said William H. Rogers, Jr., chairman and chief executive officer of SunTrust Banks, Inc. "We remain focused on executing our strategies to drive better core performance and efficiency across the organization."
Estimates provided by Zacks Investment Research and company fundamentals from Xignite Financials.