US Bancorp (USB) has announced its third-quarter earnings, showcasing improvements from the same timeframe last year and surpassing Wall Street's expectations.
The company reported a net income of $1.601 billion, equating to earnings of $1.03 per share. This is a rise from $1.412 billion, or $0.91 per share, reported in the third quarter of the previous year.
Excluding certain items, US Bancorp revealed adjusted earnings of $1.601 billion, or $1.03 per share, for the period.
On average, analysts predicted that the company would achieve earnings of $0.99 per share, based on data from Thomson Reuters, which typically excludes extraordinary items.
However, the company's revenue for the quarter experienced a 2.4% decline, dropping to $6.864 billion from $7.032 billion recorded last year.
US Bancorp's third-quarter earnings summary (GAAP) includes:
- Earnings: $1.601 billion compared to $1.412 billion last year.
- Earnings Per Share (EPS): $1.03 versus $0.91 last year.
- Revenue: $6.864 billion compared to $7.032 billion last year.
