Time New York: Sun 23 Sep 13:41 pm  |  Save 15% on H&R Block Online

  
caticonslite_bm_alt

Comerica (CMA) Q1 Earnings Improve Y/Y, Interest Income Up

Zacks

Have you been eager to see how Comerica Incorporated CMA performed in Q1 in comparison with the market expectations? Let’s quickly scan through the key facts from this Texas-based money center bank’s earnings release this morning:

Earnings Improve Y/Y

Comerica came out with adjusted earnings per share of $1.54, up from the prior-year quarter adjusted figure of $1.02 on high interest income. Including certain non-recurring items, earnings came in at $1.59. The Zacks Consensus Estimate stands at $1.49.

How Was the Estimate Revision Trend?

You should note that the earnings estimate for Comerica depicted neutral stance prior to the earnings release. The Zacks Consensus Estimate remained stable over the last seven days.

However, Comerica has an impressive earnings surprise history. Before posting earnings beat in Q1, the company delivered positive surprises in all the prior four quarters. Overall, the company surpassed the Zacks Consensus Estimate by an average of 8.04% in the trailing four quarters.

Revenue Came In Lower Than Expected

Comerica posted revenues of $793 million, which missed the Zacks Consensus Estimate of $811.6 million. However, it compared favorably with the year-ago number of $715 million.

Key Stats to Note:


  • Average total deposits: $56.1 billion in Q1, down 2.9% on a year-over-year basis.
  • Average total loans: $48.4 billion in Q1, up 1% on a year-over-year basis.
  • Provisions decreased on fall in total criticized loans.
  • Comerica returned $201 million to shareholders through shares repurchase and dividends


What Zacks Rank Says

The estimate revisions that we discussed earlier have driven a Zacks Rank #3 (Hold) for Comerica. However, since the latest earnings performance is yet to be reflected in the estimate revisions, the rank is subject to change. While things apparently look favorable, it all depends on what sense the just-released report makes to the analysts.

You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Check back later for our full write up on this Comerica earnings report!

Breaking News: Cryptocurrencies Now Bigger than Visa

The total market cap of all cryptos recently surpassed $700 billion – more than a 3,800% increase in the previous 12 months. They’re now bigger than Morgan Stanley, Goldman Sachs and even Visa! The new asset class may expand even more rapidly in 2018 as new investors continue pouring in and Wall Street becomes increasingly involved.

Zacks’ has just named 4 companies that enable investors to take advantage of the explosive growth of cryptocurrencies via the stock market.

Click here to access these stocks. >>


Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report

To read this article on Zacks.com click here.

Zacks Investment Research
<-- You can share this post with your network,
or give us your opinion and leave a comment.
Be sure to check our RSS feeds for updates.