Comerica (CMA) Tops Q3 EPS by 10c

October 18, 2016 6:47 AM EDT

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Comerica (NYSE: CMA) reported Q3 EPS of $0.84, $0.10 better than the analyst estimate of $0.74.

"On our last earnings call, we announced that we had identified more than 20 work streams in our GEAR Up initiative that are expected to drive a significant improvement in our bottom line. At that time, we also indicated there was more to come, as we were still identifying and analyzing opportunities. We have determined that those new opportunities add about $40 million to our initial financial target. As a result, we are now expecting to drive at least $270 million in additional pre-tax income for full-year 2018," said Ralph W. Babb, Jr., chairman and chief executive officer. "These actions, which we have already begun to execute with urgency, take us a long way towards achieving a double-digit return on equity. We expect to meet or exceed this goal with sustained growth, net of investment, normal credit costs, continued equity buybacks, and assuming only a 25 to 50 basis point increase in rates. We are not relying on a significantly better economic environment or a substantial increase in rates to reach our goal. We remain confident that as we deliver on this initiative, we will create greater shareholder value."

For earnings history and earnings-related data on Comerica (CMA) click here.

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