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