Have you been eager to see how Bank of America (BAC – Free Report) performed in Q3 in comparison with the market expectations? Let’s quickly scan through the key facts from this Charlotte-based one of the world’s largest financial institutions’ earnings release this morning:
An Earnings Beat
BofA came out with earnings of 66 cents per share, which surpassed the Zacks Consensus Estimate of 62 cents.
Revenues and lower expenses were the key reason for the earnings beat.
How Was the Estimate Revision Trend?
You should note that the earnings estimate revisions for BofA depicted a bearish stance prior to the earnings release. The Zacks Consensus Estimate has moved 1.6% lower over the last 30 days.
Nonetheless, BofA has an impressive earnings surprise history. Before posting the earnings beat in Q3, the company delivered positive surprises in all four trailing quarters. Overall, the company has a positive earnings surprise of 6.7% in the trailing four quarters.
Higher-than-expected Revenues
BofA posted net revenues of $22.8 billion, which was above the Zacks Consensus Estimate of $22.6 billion.
Key Q3 Statistics
What Zacks Rank Says
At present, BofA carries a Zacks Rank #3 (Hold). 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.
