Synovus Financial Q1 Profit Decreases, misses estimates

(RTTNews) - Synovus Financial (SNV) released a profit for first quarter that decreased from the same period last year and missed the Street estimates.

The company's earnings came in at $114.8 million, or $0.78 per share. This compares with $193.9 million, or $1.32 per share, in last year's first quarter.

Excluding items, Synovus Financial reported adjusted earnings of $115.9 million or $0.79 per share for the period.

Analysts on average had expected the company to earn $0.99 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company's revenue for the quarter fell 12.4% to $537.7 million from $613.9 million last year.

Synovus Financial earnings at a glance (GAAP) :

-Earnings (Q1): $114.8 Mln. vs. $193.9 Mln. last year. -EPS (Q1): $0.78 vs. $1.32 last year. -Revenue (Q1): $537.7 Mln vs. $613.9 Mln last year.