U.S. Bancorp Reports $974 Million Profit (USB)

Minneapolis, Minnesota-based U.S. Bancorp USB on Wednesday morning released financial results that were in-line Wall Street earnings expectations. U.S. Bancorp reported that its 4th quarter net income climbed to $974 million, or 49 cents per share, up from $602 million, or 30 cents per share, a year earlier. Excluding special items, the company earned 46 cents per share. U.S. Bancorp reported revenue of $4.72 billion, up 7.9% from $4.38 billion a year earlier. A poll of analysts conducted by Thomson Reuters showed an average Wall Street estimate of expected earnings of 46 cents per share, on revenue of $4.53 billion. Chairman, president and chief executive officer Richard K. Davis said, “I am very proud of our Company's fourth quarter performance. Net income of $974 million, or $.49 per diluted common share, was driven, once again, by record total net revenue and declining credit costs. The results continued to reflect the benefits of our diversified business model, our recent investments and overall financial strength." U.S. Bancorp (USB) ended the previous trading session at $27.31 per share. Analysts covering the company's stock have a consensus price target of $29.03 per share. U.S. Bancorp operates 3,013 banking offices in 24 states and 5,323 ATMs and provides a comprehensive line of banking, brokerage, insurance, investment, mortgage, trust and payment services products to consumers, businesses and institutions. Read more from Benzinga's Company news.