Capital One Earnings: COF Stock Drops on Sharp Q4 Adjusted Profit Miss

Capital One earnings (NYSE:COF) came in late in the day on Tuesday, with the company’s results coming in below what Wall Street analysts were calling for in both its adjusted profit and adjusted revenue figures.

Capital One EarningsThe McLean, Va.-based bank holding company said that for its fourth quarter of its fiscal 2018, it brought in net income of $1.26 billion, beating its loss from the year-ago quarter. This amounted to $2.48 per share, or $1.87 per share on an adjusted basis when considering non-recurring gains.

Wall Street was calling for Capital One earnings to come in at roughly $2.41 per share, according to the average estimate of nine analysts who were surveyed by Zacks Investment Research. The company added that its revenue for the period tallied up to $8.24 billion.

It also said that on an adjusted basis, the company’s revenue came in at $7.01 billion, which was also below what the Wall Street consensus estimate was calling for, according to data compiled by seven analysts who were surveyed by Zacks.

For its fiscal 2018, Capital One’s profit was $6.02 billion, or $11.82 per share, and its revenue was $28.08 billion.

COF stock was down roughly 4.1% after the bell following the company’s quarterly earnings results, which underwhelmed greatly as its adjusted profit was more than 50 cents per share below the Wall Street consensus estimate. Capital One shares had been declining close to 1.9% during regular trading hours as the company geared up to report for its fourth quarter.

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