Zions Bancorp earnings (NASDAQ:ZION) were released late in the day on Tuesday and the company’s results were stronger than what analysts were calling for, but its stock still declined slightly after the bell.
The bank holding company said that its earnings for its fourth quarter of its fiscal 2018 came in at $1.08 per share, which was 3 cents better than the Wall Street consensus estimate of $1.05 per share. The company added that its revenue for the period tallied up to $723 million, which was also ahead of the $713.64 million that analysts were calling for.
Zions Bancorp said that its earnings for its fourth quarter of its fiscal 2018 doubled to $1.08 from 54 cents in the year-ago quarter. Plus, the company’s annual earnings were 57% higher than they were in the year-ago quarter to $4.08 per share from $2.60 per share.
“We’re pleased with the Bank’s performance in the fourth quarter and for the full year 2018,” said Harris H. Simmons, Zions Bancorp Chairman and CEO. “Although a reduction in the effective tax rate contributed significantly to the improved earnings, pre-tax pre-provision net revenues increased a strong 13% for the quarter even after excluding a $12 million one-time charitable expense a year ago, and the efficiency ratio improved to 57.8% from 61.6% in the year-ago quarter.”
ZION stock was declining a fraction of a percentage after the bell on Tuesday despite the earnings beat. Shares had been falling a touch above 1.1% during regular trading hours as the company geared up to report its latest quarterly earnings results.