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Chemical Financial tops 1Q profit forecasts

MIDLAND, Mich. (AP) _ Chemical Financial Corp. (CHFC) on Tuesday reported first-quarter earnings of $47.6 million.

The Midland, Michigan-based bank said it had earnings of 67 cents per share. Earnings, adjusted for non-recurring costs, were 71 cents per share.

The results beat Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 70 cents per share.

The financial holding company posted revenue of $180.9 million in the period. Its adjusted revenue was $168.1 million, which did not meet Street forecasts. Three analysts surveyed by Zacks expected $173.5 million.

Chemical Financial shares have dropped 7 percent since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $50.36, an increase of 31 percent in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on CHFC at https://www.zacks.com/ap/CHFC

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Keywords: Chemical Financial, Earnings Report