PNC Financial Earnings: PNC Stock Slips 4% Despite Q4 Beat

PNC beat EPS and revenue estimates for the quarter

PNC Financial (NYSE:PNC) earnings for the American banking company’s fourth quarter of 2019 have PNC stock down on Wednesday. This comes despite its diluted EPS of $2.97. That’s better than Wall Street’s estimate of $2.93 cents per share. Revenue $4.61 billion is also above analysts’ estimates of $4.48 billion.

PNC Financial Earnings: PNC Stock Slips 4% Despite Q4 Beat
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Here are some additional details from the current PNC Financial earnings report.

  • Diluted per-share earnings for the quarter are up 8% from the $2.75 in Q4 2018.
  • Revenue comes in 6.22% higher than the $4.34 billion from the same time last year.
  • The PNC Financial earnings report also includes a net income of $1.38 billion.
  • That’s a 2.22% increase over the company’s net income of $1.35 billion from the same period of the year prior.

Bill Demchak, Chairman, President and CEO of PNC Financial, says this about the PNC stock earnings report.

“PNC delivered excellent results in 2019 against the backdrop of continued change across our industry. Earnings per share increased and we generated record revenue and positive operating leverage for the year. Expenses were well controlled and our efficiency ratio improved. We increased loans and deposits and leveraged our strong product set to grow clients in existing and new markets.”

The PNC Financial earnings report doesn’t include guidance for 2020. Despite this, we know what Wall Street wants to see. Analysts are estimating earnings per share of $11.90 on revenue of $17.95 billion for the year.

PNC stock was down 3.91% as of Wednesday afternoon.

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/2020/01/pnc-financial-earnings-drop-pnc-stock-despite-beat/.

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