PNC Stock Slides Despite Earnings Beat

PNC beat Q3 EPS and revenue estimates

PNC stock was down on Friday despite the company reporting an earnings beat for the third quarter of 2018.

PNC Stock Slides Despite Earnings Beat
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PNC (NYSE:PNC) reported earnings per share of $2.82 for the third quarter of the year. This is an increase over the company’s earnings per share of $2.16 from the same time last year. It also beat out Wall Street’s earnings per share estimate of $2.72 for the period, but couldn’t keep PNC stock from falling today.

During the third quarter of 2018, PNC reported net income of $1.40 billion. The banking and financial services company reported net income of $1.13 billion for the third quarter of 2017.

Like with many other businesses, PNC notes that it benefited from a lower tax rate during the third quarter of the year. The company’s effective tax rate for the quarter was 15.7%. Its effective tax rate from the third quarter of the previous year was 18.3%.

PNC notes that during the third quarter of 2018 it saw noninterest income of $1.90 billion. This is down by $20 million from the company’s noninterest income that was reported in the same period of the previous year.

PNC also reported revenue of $4.36 billion for the third quarter of the year. This is better than the company’s revenue of $4.13 billion reported in the same period of the year prior. It also just barely came in above analysts’ revenue estimate of $4.35 billion for the quarter, but wasn’t enough to keep PNC stock from diving today.

PNC stock was down 4% as of Friday morning and is down 8% year-to-date.

As of this writing, William White did not hold a position in any of the aforementioned securities.


Article printed from InvestorPlace Media, https://investorplace.com/2018/10/pnc-stock-slides-despite-earnings-beat/.

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