US Bancorp's (NYSE:USB) profit climbed in the second quarter.
Earnings and Revenue The company experienced stronger-than-expected EPS and revenues. The company reported EPS of 71 cents a share versus the 69 cents a share estimate and revenues of $5.07 billion versus the $4.98 billion estimate. The estimates of 25 analysts ranged from profit of 66 cents to profit of 72 cents.
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The company's net income for the quarter was $1.42 billion. According to the reported number, this is up 17.6% from last year's levels. Revenue climbed 8.1% from $5.27 billion in the same period last year.
Company Fundamental Trends Last quarter marked the third in a row of rising net income.
History Against Expectations The company has now topped analyst estimates for at least the last four quarters. It beat by 3 cents in the first quarter, one cent in the fourth quarter of the last fiscal year and 3 cents in the third quarter of the last fiscal year.
Official Comment: U.S. Bancorp Chairman, President and Chief Executive Officer Richard K. Davis said, "I am exceptionally proud of our Company's second quarter 2012 results, as we reported record diluted earnings per common share of $.71, an 18.3 percent increase over the prior year's quarter and a 6.0 percent increase over the first quarter of 2012. Further, our performance metrics remained industry-leading and within the range of our long-term objectives, with a return on average assets of 1.67 percent, a return on average common equity of 16.5 percent and an efficiency ratio of 51.1 percent.
Estimates provided by Zacks Investment Research and company fundamentals from Xignite Financials.