Categories Analysis, Earnings, Finance, IPO

PNC Financial fails to meet Street’s expectations in Q4

The PNC Financial Group (PNC) reported Q4 earnings and revenue that missed analysts’ predictions. The company reported earnings of $2.75 per share compared to $4.18 in the prior year. Revenue increased 2% to $4.34 billion. Analysts had expected PNC to earn $2.79 a share on revenue of $4.4 billion. PNC stock was trading in the negative territory during the premarket session.

PNC Financial Services Q4 2018 earnings

Net interest income grew 6% year-over-year and non-interest income decreased 3% in the recently ended quarter. Average loans and average deposits both increased 2% versus the year-ago quarter. As of Q4 end, provision for credit losses rose 18% compared to the end of the prior-year quarter.

On January 3, 2019, the PNC Board declared a quarterly cash dividend of 95 cents per share effective with the February 5, 2019 dividend payment date.

This quarter’s earnings season started with Citigroup (C) results on Monday, followed by JPMorgan (JPM) and Wells Fargo’s (WFC) results on Tuesday. Few more financial services companies are also reporting their earnings today including Bank of America (BAC), Goldman Sachs (GS), U.S. Bancorp (USB) and Bank of New York Mellon (BK).

The Pittsburgh-based banking firm’s stock had dropped 4% in the last three months and 21% in the one year. PNC’s shares closed Wednesday’s trading down 0.32% at $120.17.

PNC Financial sees a dip despite beating Q3 estimates

We’re on Apple News! Follow us to receive the latest stock market, earnings, and financial news at your fingertips

Most Popular

ISRG Earnings: Intuitive Surgical Q2 profit jumps on strong revenue growth

Medical device company Intuitive Surgical, Inc. (NASDAQ: ISRG) announced operating results for the second quarter of 2024, reporting higher revenues and adjusted profit. Second-quarter net profit, excluding one-off items, climbed

Infographic: Halliburton (HAL) reports strong earnings growth for Q2 2024

Energy giant Halliburton Company (NYSE: HAL) Friday announced financial results for the second quarter of 2024, reporting a double-digit increase in net profit. Second-quarter revenue edged up 1% annually to

AXP Earnings: Key quarterly highlights from American Express’ Q2 2024 financial results

American Express Company (NYSE: AXP) reported its second quarter 2024 earnings results today. Consolidated total revenues, net of interest expense, were $16.3 billion, up 8% from a year ago, driven

Add Comment
Loading...
Cancel
Viewing Highlight
Loading...
Highlight
Close
Top