Provident Financial Holdings (PROV) Misses Q4 EPS by 13c

Provident Financial Holdings (NASDAQ: PROV) reported Q4 EPS of $0.20, ex-items, $0.13 worse than the analyst estimate of $0.33.

“Provident, like many other companies, was required to reevaluate the value of its net deferred tax assets as a result of the newly enacted federal tax legislation. The revaluation required a large, one-time, non-cash charge for the December quarter resulting in a quarterly loss for the Company,” said Craig G. Blunden, Chairman and Chief Executive Officer of the Company. “However, the tax legislation lowers corporate tax rates which will reduce the future tax obligations of the Company thereby improving net income and supporting our ability to return capital to shareholders via dividends and stock buybacks,” Mr. Blunden concluded.

For earnings history and earnings-related data on Provident Financial Holdings (PROV) click here.

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