Plus   Neg

Wells Fargo Q2 Profit Beats Estimates; Revenue Flat - Quick Facts

Wells Fargo & Company (WFC) said its second-quarter net income was up 26% year-on-year driven by net discrete tax expense of $481 million in the second quarter of previous year. The company grew period-end loans and deposits, as well as pre-tax pre-provision profit from prior year. Revenue was flat compared with last year, as lower net interest income was offset by higher gains from sales of Pick-a-Pay PCI loans and higher service charges on deposit accounts.

For the second-quarter, earnings per share was $1.30, compared to $0.98, last year. On average, 26 analysts polled by Thomson Reuters expected the company to report profit per share of $1.15 for the quarter. Analysts' estimates typically exclude special items.

Second-quarter revenue was $21.6 billion, in line with prior year. Analysts expected revenue of $20.94 billion, for the quarter. Non-interest expense decreased 1% from last year.

Wells Fargo expects to increase its third quarter stock dividend to $0.51 per share from $0.45 per share. Under the 2019 Capital Plan submission, the company projects up to $23.1 billion of gross common stock repurchases, for the four-quarter period from third quarter 2019 through second quarter 2020.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Shares of Stage Stores, Inc. (SSI) hit a new 52-week high of $6.74 today, which is a giant leap forward for a stock that was perilously close to delisting just a few months ago. The stock has been experiencing positive momentum, after raising expectations for fiscal 2019. Amazon founder and Chief Executive Jeff Bezos said his company will continue to support the U.S. Department of Defense, noting that the U.S. will be in "big trouble" if big technology companies stop working with the Pentagon. "We are going to support the Department of Defense, this country is important," Bezos said at the annual Reagan National Defense Forum in Simi Valley, California. Surly Bikes recalled 5,139 units of Surly front bicycle racks for possible crash and injury hazards, a statement by the U.S. Consumer Product Safety Commission showed. The company said the front bicycle rack can loosen and contact the front wheel, resulting in crash and injury hazards to the rider.The recall involves Surly 8-pack racks and Surly 24-pack front bicycle racks and Pack Rat bicycles.
Follow RTT