Huntington Bancshares (HBAN) Misses Q4 EPS by 4c, Revenues Beat

Huntington Bancshares (NASDAQ: HBAN) reported Q4 EPS of $0.29, $0.04 worse than the analyst estimate of $0.33. Revenue for the quarter came in at $1.17 billion versus the consensus estimate of $1.16 billion.

"2018 marks another year of strong performance for Huntington, with record net income for the fourth consecutive year and annual positive operating leverage for the sixth consecutive year," said Steve Steinour, chairman, president, and CEO. "For the first time, we achieved all five of our long-term financial goals on a full-year GAAP basis. This achievement accelerated our ability to provide enhanced long-term targets as a part of the new strategic plan announced in the fourth quarter. Our strategy is based on capitalizing on our sustainable competitive advantages, driving organic revenue growth, and adhering to our aggregate moderate-to-low risk appetite."

"Total revenue for the 2018 full year increased 4% year-over-year driven by organic balance sheet growth and net interest margin expansion. The revenue growth coupled with our disciplined expense management drove annual positive operating leverage," Steinour said. "Average loan growth remained strong at 6% for the 2018 full year, driven by broad-based consumer and commercial lending. As expected, the fourth quarter reflected seasonally strong commercial loan production, particularly from our corporate, dealer floorplan, and equipment finance customers at the end of December, along with steady consumer loan production."

For earnings history and earnings-related data on Huntington Bancshares (HBAN) click here.

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