Synovus Financial (SNV) revealed a reduced profit for the first quarter, compared to the same timeframe last year, failing to meet Wall Street expectations.
The organization's earnings for this period totaled $114.8 million, equating to $0.78 per share. This signifies a drop from last year's first quarter results of $193.9 million or $1.32 per share.
When factoring out certain elements, Synovus Financial reported an adjusted income of $115.9 million or $0.79 per share for this quarter.
On average, financial analysts expected the corporation to bring in earnings of $0.99 per share. These predictions, collated by Thomson Reuters, customarily ignore extraordinary items.
Synovus Financial's revenue for the quarter also experienced a decline of 12.4%, from last year's $613.9 million to $537.7 million this year.
Key details of Synovus Financial's earnings (GAAP) include:
- Earnings (Q1): $114.8 Million, down from $193.9 Million the previous year.
- Earnings Per Share (Q1): $0.78, down from $1.32 the previous year.
- Revenue (Q1): $537.7 Million, down from $613.9 Million the previous year.
