Capital One Reports Profit Decline; Beats Estimates (COF)
Financial services company, Capital One Financial Corp. (COF) reported declined profits on Friday, but beat analysts Q1 estimates.
The Mclean, VA based company reported first quarter earnings of $1.05 billion, or $1.79 per share, down -25% from $1.4 billion, or $2.72 per share last year. On average. analysts expected to see earnings of $1.60 per share.
The company’s net interest income increased during to quarter to $4.6 billion, from $3.4 billion last year. Non-interest income declined to $981 million, from $1.5 billion last year.
Revenue for the quarter increased 13% to $5.55 billion, but fell below the average analyst estimate of $5.57 billion.
COF’s Auto loan originations dropped -11% during the quarter, while total purchase volume rose 5.5%.
Capital One shares were up 71 cents, or 1.34% during premarket trading Friday. The stock has been mostly flat in the past year.
The Bottom Line
Shares of Capital One Financial Corp. (COF) have a 2.27% yield, based on Thursday’s closing price of $52.79.
Capital One Financial Corp. (COF) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.3 out of 5 stars.
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