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PNC Financial Services Earnings: PNC Stock Pops on Q1 Results

William White

PNC Financial Services earnings for the first quarter of 2019 have PNC stock heading higher on Friday.

PNC Financial Services Earnings: PNC Stock Pops on Q1 Results

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PNC Financial Services (NYSE:PNC) reported earnings per share of $2.61 for the first quarter of the year. This is an increase over the company’s net income of $2.43 from the same time in 2018. It was also a boon to PNC stock by matching Wall Street’s earnings per share estimate for the period.

Net income reported in the PNC Financial Services earnings release for the first quarter of 2019 comes in at $1.27 billion. The company’s net income from the first quarter of 2018 was $1.24 billion.

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PNC Financial Services also notes that its net interest income for the quarter was $2.50 billion, which is down $6 million from the same time last year. It also saw noninterest income for the quarter drop by 3% from the same time in the previous year. The company notes that part of this decline is due to there being two less days in the quarter when compared to the first quarter of 2018.

The PNC Financial Services earnings report also includes revenue of $4.29 billion for the first quarter of the year. This is up from the company’s revenue of $2.36 billion reported in the same period of the year prior. It was also a blessing to PNC stock by coming in above analysts’ revenue estimate of $4.27 billion for the quarter.

PNC stock was up 3% as of Friday afternoon and is up 8% since the start of the year.

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As of this writing, William White did not hold a position in any of the aforementioned securities.

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