Wells Fargo (WFC) Misses Q4 EPS by 19c
Get Alerts WFC Hot Sheet
Price: $61.10 +1.24%
EPS Growth %: -2.4%
Financial Fact:
Total interest income: 13.49B
Today's EPS Names:
BVFL, MCET, REOS, More
EPS Growth %: -2.4%
Financial Fact:
Total interest income: 13.49B
Today's EPS Names:
BVFL, MCET, REOS, More
Join SI Premium – FREE
Wells Fargo (NYSE: WFC) reported Q4 EPS of $0.93, $0.19 worse than the analyst estimate of $1.12. Revenue for the quarter came in at $19.9 billion versus the consensus estimate of $20.14 billion.
- Fourth quarter 2019 financial results:
- Net income of $2.9 billion and diluted earnings per share (EPS) of $0.60
- Operating losses of $1.9 billion, driven by $1.5 billion, or ($0.33) per share, of litigation accruals for a variety of matters, including previously disclosed retail sales practices matters; a majority of the litigation accruals was not tax deductible
- Revenue of $19.9 billion, down from $21.0 billion in fourth quarter 2018
- Net interest income of $11.2 billion, down $1.4 billion
- Noninterest income of $8.7 billion, up $324 million
- Noninterest expense of $15.6 billion, up $2.3 billion primarily due to higher operating losses
- Average loans of $956.5 billion, up $10.2 billion, or 1%
- Average deposits of $1.3 trillion, up $53.0 billion, or 4%
- Credit quality:
- Provision expense of $644 million, up $123 million from fourth quarter 2018
- Net charge-offs of $769 million, up $48 million
- Net charge-offs of 0.32% of average loans (annualized), up from 0.30%
- Reserve release1 of $125 million, compared with a $200 million release in fourth quarter 2018
- Nonaccrual loans of $5.3 billion, down $1.2 billion, or 18%
- Strong capital position while returning more capital to shareholders:
- Common Equity Tier 1 ratio of 11.1%2
- Returned $9.0 billion to shareholders in fourth quarter 2019 through common stock dividends and net share repurchases, up from $8.8 billion in fourth quarter 2018
- Quarterly common stock dividend of $0.51 per share, up 19% from $0.43 per share
- Period-end common shares outstanding down 446.8 million shares, or 10%
- Full year 2019 financial results:
- Net income of $19.5 billion and diluted earnings per share (EPS) of $4.05
- Return on assets (ROA) of 1.02%, return on equity (ROE) of 10.23%, and return on average tangible common equity (ROTCE) of 12.20%
For earnings history and earnings-related data on Wells Fargo (WFC) click here.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- SAP Q1 results fall short of Wall Street estimates as transformation kicks off
- TrustCo Bank (TRST) Tops Q1 EPS by 4c
- Nucor (NUE) Misses Q1 EPS by 21c
Create E-mail Alert Related Categories
Earnings, Hot EarningsRelated Entities
Earnings, Wells FargoSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!