US Bancorp Q1 Profit Decreases, but beats estimates

(RTTNews) - US Bancorp (USB) released earnings for first quarter that decreased from last year but beat the Street estimates.

The company's bottom line came in at $1.21 billion, or $0.78 per share. This compares with $1.59 billion, or $1.04 per share, in last year's first quarter.

Excluding items, US Bancorp reported adjusted earnings of $1.41 billion or $0.90 per share for the period.

Analysts on average had expected the company to earn $0.88 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company's revenue for the quarter fell 6.4% to $6.72 billion from $7.18 billion last year.

US Bancorp earnings at a glance (GAAP) :

-Earnings (Q1): $1.21 Bln. vs. $1.59 Bln. last year. -EPS (Q1): $0.78 vs. $1.04 last year. -Revenue (Q1): $6.72 Bln vs. $7.18 Bln last year.