Webster Financial Q2 Adj. EPS Misses Estimates, But Revenues Top
(RTTNews) - Bank holding company Webster Financial Corp. (WBS) on Tuesday reported that second-quarter net income available to common shareholders declined to $177.47 million or $1.03 per share from $230.81 million or $1.32 per share in the prior-year quarter.
Excluding charges, adjusted earnings would have been $1.26 per share for the quarter.
On average, 16 analysts polled by Thomson Reuters expected the company to report earnings of $1.34 per share for the quarter. Analysts' estimates, usually, exclude one-time items.
Net interest income decreased to $572.30 million from $583.83 million in the year-ago quarter, and total non-interest income plunged to $42.30 million from $89.37 million in the prior-year period.
Operating revenue for the quarter declined to $614.60 million from $673.20 million in the same quarter last year. Analysts expected revenues of $589.41 million for the quarter.
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