US Bancorp Q2 Profit Drops, Inline With Estimates

(RTTNews) - US Bancorp (USB) revealed a profit for second quarter that decreased from last year in line with the Street estimates.

The company's earnings totaled $1.28 billion, or $0.84 per share. This compares with $1.46 billion, or $0.99 per share, in last year's second quarter.

Excluding items, US Bancorp reported adjusted earnings of $1.71 billion or $1.12 per share for the period.

Analysts on average had expected the company to earn $1.12 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company's revenue for the quarter rose 19.5% to $7.18 billion from $6.01 billion last year.

US Bancorp earnings at a glance (GAAP) :

-Earnings (Q2): $1.28 Bln. vs. $1.46 Bln. last year. -EPS (Q2): $0.84 vs. $0.99 last year. -Analyst Estimates: $1.12 -Revenue (Q2): $7.18 Bln vs. $6.01 Bln last year.