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Synovus tops Street 1Q forecasts

COLUMBUS, Ga. (AP) _ Synovus Financial Corp. (SNV) on Monday reported first-quarter net income of $71.9 million.

The bank, based in Columbus, Georgia, said it had earnings of 56 cents per share. Earnings, adjusted for non-recurring costs, came to 57 cents per share.

The results surpassed Wall Street expectations. The average estimate of nine analysts surveyed by Zacks Investment Research was for earnings of 51 cents per share.

The holding company for Synovus Bank posted revenue of $344.2 million in the period. Its adjusted revenue was $311.8 million, which also beat Street forecasts. Seven analysts surveyed by Zacks expected $301.9 million.

Synovus shares have declined almost 3 percent since the beginning of the year. In the final minutes of trading on Monday, shares hit $39.91, a climb of 32 percent in the last 12 months.


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


Keywords: Synovus Financial, Earnings Report