PNC Financial Services Group Third Quarter 2024 Earnings: EPS Beats Expectations

PNC Financial Services Group (NYSE:PNC) Third Quarter 2024 Results

Key Financial Results

• Revenue: US$5.19b (up 1.7% from 3Q 2023).
• Net income: US$1.41b (down 2.4% from 3Q 2023).
• Profit margin: 27% (down from 28% in 3Q 2023). The decrease in margin was driven by higher expenses.
• EPS: US$3.52 (down from US$3.60 in 3Q 2023).

All figures shown in the chart above are for the trailing 12 month (TTM) period

PNC Financial Services Group EPS Beats Expectations

Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 5.0%.

Looking ahead, revenue is forecast to grow 5.1% p.a. on average during the next 3 years, compared to a 6.5% growth forecast for the Banks industry in the US.

Performance of the American Banks industry.

The company's shares are up 6.3% from a week ago.

Risk Analysis

Before we wrap up, we've discovered 1 warning sign for PNC Financial Services Group that you should be aware of.

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