Have you been eager to see how BB&T Corporation BBT performed in Q3 in comparison with the market expectations? Let’s quickly scan through the key facts from this North Carolina-based diversified financial holding company’s earnings release this morning:
An Earnings Beat
BB&T came out with adjusted earnings per share of 70 cents, beating the Zacks Consensus Estimate of 66 cents.
Growth in top line, partially offset by a rise in expenses contributed to this earnings beat.
How Was the Estimate Revision Trend?
You should note that the earnings estimate revisions for BB&T depicted pessimism prior to the earnings release. The Zacks Consensus Estimate has moved 2.9% lower over the last 7 days.
However, BB&T has a decent earnings surprise history. Before posting the earnings beat in Q3, the company delivered positive surprise in two of the prior four quarters. Overall, the company surpassed the Zacks Consensus Estimate by an average of 0.68% in the trailing four quarters.
Revenue Came In Higher Than Expected
BB&T posted total revenues of $2.49 billion, which surpassed the Zacks Consensus Estimate of $2.46 billion. Moreover, it came 6.6% above the year-ago number.
Key Statistics to Note:
The successful acquisition of Susquehanna, coupled with organic balance sheet growth, has pushed BB&T above $200 billion in assets.
The Susquehanna acquisition contributed around $150 million in revenues since August 1 and is expected to augment growth within the newly expanded footprint.
What Zacks Rank Says
The estimate revisions that we discussed earlier have driven a Zacks Rank #3 (Hold) for BB&T. However, since the latest earnings performance is yet to be reflected in the estimate revisions, the rank is subject to change. While things apparently look favorable, it all depends on what sense the just-released report makes to the analysts.
Check back later for our full write up on this BB&T earnings report!
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