Bank of America earnings for the company’s fourth quarter of 2018 have BAC stock soaring on Wednesday.
Bank of America (NYSE:BAC) reported earnings per share of 70 cents for the fourth quarter of 2018. This is an increase over the company’s earnings per share of 20 cents from the same time last year. This is also a boon to BAC stock by having it beat out Wall Street’s earnings per share estimate of 63 cents for the period.
Bank of America notes that part of the increase to its earnings per share is thanks to the tax cut from President Trump. Excluding this benefit, the company’s earnings per share for the fourth quarter of 2018 was 47 cents. This still represents an increase of 49% over earnings per share from the fourth quarter of the previous year.
The Bank of America earnings report for the fourth quarter of the year also includes net income of $7.30 billion. This is up from the company’s net income of $2.4 billion reported in the fourth quarter of 2017.
The most recent Bank of America earnings report also sees the company’s revenue coming in at $22.70 billion. This is better than the company’s revenue of $20.40 billion reported in the same period of the year prior. It is also good news for BAC stock by coming in above analysts’ revenue estimate of $22.45 billion for the quarter.
When excluding the benefit from the Tax Cuts and Jobs Act, the Bank of America earnings report for the year includes revenue of $21.40 billion. This is a 6% increase over the company’s revenue from the same time in 2017.
BAC stock was up 7% as of Wednesday afternoon.
As of this writing, William White did not hold a position in any of the aforementioned securities.