PNC Financial Services Group Inc. (PNC) reported a decline in profits for the third quarter compared to the same period last year, though the results surpassed Wall Street expectations. The firm achieved a net income of $1.396 billion, translating to earnings of $3.49 per share. This marks a decrease from the previous year’s third-quarter figures of $1.440 billion or $3.60 per share.
According to data gathered by Thomson Reuters, analysts had, on average, projected PNC’s earnings to be $3.30 per share. It's important to note that these analyst estimates generally do not include special items.
In terms of revenue, PNC experienced a 3.8% increase, reaching $5.432 billion for the quarter, up from $5.233 billion in the same period last year.
A brief overview of PNC Financial Services Group Inc.'s third-quarter earnings (GAAP) is as follows:
- Earnings: $1.396 billion versus $1.440 billion year-on-year
- Earnings Per Share (EPS): $3.49 compared to last year's $3.60
- Revenue: $5.432 billion, up from $5.233 billion in the previous year.
