KeyCorp (KEY) Beats Q2 Earnings, Revenues Up Marginally

Zacks Equity Research
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Have you been eager to see how KeyCorp KEY performed in Q2 in comparison with the market expectations? Let’s quickly scan through the key facts from this Cleveland-based bank-oriented financial services company’s earnings release this morning:

An Earnings Beat

KeyCorp came out with earnings per share of 44 cents, outpacing the Zacks Consensus Estimate of 42 cents.

Rise in revenue and lower expenses supported the results.

How Was the Estimate Revision Trend?

You should note that the earnings estimate revisions for KeyCorp depicted a positive stance prior to the earnings release. The Zacks Consensus Estimate have moved 2.4% upward over the last 30 days.
 

KeyCorp Price and EPS Surprise

 

KeyCorp Price and EPS Surprise | KeyCorp Quote

Revenue Came In Higher Than Expected

KeyCorp posted total revenues of $1.65 billion, above the Zacks Consensus Estimate of $1.59 billion.

Key Stats to Note:
 

  • Net income was $482 million, up 17% from the prior-year quarter

  • Net interest margin declined 11 basis point year over year to 3.19%

  • Provision for credit losses fell 3% from the year-ago quarter to $64 million

  • Average loans were $88.6 billion

  • Average deposits stood at $104 billion


What Zacks Rank Says

Currently, KeyCorp has a Zacks Rank #3 (Hold). 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.

(You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.)

Check back later for our full write up on this KeyCorp earnings report!

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