The regional bank posts third-quarter revenue and net interest income below expectations.
Regions Financial shares were falling in premarket trading Friday after the regional bank missed third-quarter earnings estimates.
Regions posted third-quarter earnings of 49 cents a share, rising from 43 cents a year earlier but lower than Wall Street estimates of 58 cents. Revenue was $1.86 billion, below expectations of $1.89 billion. Net interest income was $1.29 billion, missing estimates of $1.32 billion. “Our protective hedging strategies position us for success in any rate environment and support our commitment to generating consistent, sustainable long-term performance,” said President and CEO John Turner in the earnings release. “While the industry continues to face economic and regulatory uncertainty, we are confident in our ability to adapt to the changing landscape while continuing to deliver top-quartile returns through the cycle.”Write to Emily Dattilo at emily.dattilo@dowjones.
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Regions Financial misses profit, revenue and net interest income expectations, as deposits fallTomi Kilgore is MarketWatch's deputy investing and corporate news editor and is based in New York. You can follow him on Twitter TomiKilgore.
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