PNC Financial Services Group Inc. (PNC) Earnings Surge
PNC Financial Services Group Inc. said Tuesday third-quarter earnings surged on a $1.3 billion gain related to the BlackRock/Merrill Lynch Investment Managers transaction.
Net income rose to $1.5 billion, or $5.01 per share, from $334 million, or $1.14 per share, a year ago.
Excluding a $1.3 billion gain on the BlackRock deal, $31 million of merger integration costs, and losses of $127 million and $31 million, respectively, from the repositioning of PNC's securities and mortgage loan portfolios, the company earned $380 million, or $1.28 per share, in the latest quarter.
On average, analysts surveyed by Thomson Financial were looking for profit of $1.23 per share.
Net income rose to $1.5 billion, or $5.01 per share, from $334 million, or $1.14 per share, a year ago.
Excluding a $1.3 billion gain on the BlackRock deal, $31 million of merger integration costs, and losses of $127 million and $31 million, respectively, from the repositioning of PNC's securities and mortgage loan portfolios, the company earned $380 million, or $1.28 per share, in the latest quarter.
On average, analysts surveyed by Thomson Financial were looking for profit of $1.23 per share.
posted by Stock Administrator @ 2:14 PM
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