Regions Financial (RF) Misses Q1 EPS by 9c, Revenues Miss

Regions Financial (NYSE: RF) reported Q1 EPS of $0.14, $0.09 worse than the analyst estimate of $0.23. Revenue for the quarter came in at $1.41 billion versus the consensus estimate of $1.46 billion.

"This quarter Regions continued to deliver steady performance across our businesses while managing the impacts of an uncertain and challenging economic backdrop," said John Turner, President and CEO. “Over the past decade we’ve strengthened our capital position, risk management framework and have constructed a balance sheet that is resilient, sustainable and will perform consistently over time. In anticipation of lower market interest rates, we also executed a significant hedging strategy that protects us against interest rate volatility."

"Our industry and our company have strong capital and liquidity levels and we will use this position of strength to assist our customers and communities through these trying times," continued Turner. "In response to the COVID-19 pandemic, and informed by past experiences managing through natural disasters and market disruption, we have spent the past several weeks supporting the implementation of the CARES Act and introducing tailored assistance for customers. We are also providing additional support for our associates, and I’m extremely proud of the flexibility and commitment our team continues to demonstrate. For this challenge, we will be part of the solution and a source of support for our customers."

For earnings history and earnings-related data on Regions Financial (RF) click here.

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