Commerce Bancshares Inc. (CBSH) announced an impressive increase in profit for the third quarter compared to the same period last year, surpassing analysts' expectations. The company reported a net income of $138.01 million, equating to $1.07 per share, compared to $120.60 million, or $0.92 per share, in the third quarter of the previous year.
Analysts, as surveyed by Thomson Reuters, had anticipated earnings of $1.00 per share on average, with their projections typically omitting extraordinary items.
In addition, the company's quarterly revenue experienced a 7.6% boost, reaching $421.38 million, up from $391.50 million in the prior year.
Key financial highlights for Commerce Bancshares Inc. under generally accepted accounting principles (GAAP) for the third quarter include:
- Earnings: $138.01 million, an increase from $120.60 million the previous year.
- Earnings per Share (EPS): $1.07, up from $0.92 last year.
- Revenue: $421.38 million, rising from $391.50 million the previous year.
