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


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!

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