<p>Bank of America (NYSE: BAC) earnings for the first quarter of fiscal year 2020 have BAC stocks down on Wednesday afternoon. This is after reporting revenue of $ 22.8 billion, which is lower than the Wall Street estimate of $ 22.91 billion. In addition, the company reported adjusted earnings per share (EPS) of 40 cents, while analysts expected adjusted earnings per share of 46 cents for the quarter.
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The following is what is worth mentioning from the latest Bank of America earnings report.
Adjusted earnings per share decreased by 42.86% from 70 cents in the first quarter of 2019. Revenue for the quarter was less than 1% lower than $ 23 billion during the same period last year. The Bank of America earnings report also includes a net profit of $ 4 billion. That’s 45.21% worse than $ 7.3 billion from the first quarter of 2019.
Brian Moynihan, Chairman of the Board and CEO of Bank of America, said this about the BAC share income report:
“Our results reflect the strength of our balance sheet, the diversity of our revenue and the resilience of our teammates to serve customers around the world. Although we increased our credit loss reserves, we earned $ 4 billion in the quarter, maintained a significant buffer against our most stringent capital requirements, and ended the quarter with more liquidity than when we started. ”
The Bank of America results report does not provide guidance for the fiscal year 2020. That said, we know what Wall Street expects. Analysts’ estimates are for EPS at $ 1.83 on revenue of $ 86.75 billion.
The BAC share increased by 6.07% as of Wednesday afternoon.
Nick Clarkson is the web editor at InvestorPlace. At the time of writing, he had no position in any of the above-mentioned securities.
Article printed from InvestorPlace Media, https://investorplace.com/2020/04/bank-of-america-earnings-bac-stock-falls-on-q1-miss/.
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