PNC Finl Servs Gr Q2 2024 GAAP EPS $3.39 Misses $4.41 Estimate, Sales $5.411B Miss $5.412B Estimate
Portfolio Pulse from Benzinga Newsdesk
PNC Financial Services Group (NYSE:PNC) reported Q2 2024 GAAP EPS of $3.39, missing the analyst estimate of $4.41 by 23.13%. Sales were $5.411 billion, slightly below the $5.412 billion estimate but up 2.23% from last year.
July 16, 2024 | 10:41 am
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PNC Financial Services Group reported Q2 2024 earnings that missed analyst estimates significantly, with EPS of $3.39 falling short of the $4.41 estimate. Sales were slightly below expectations but showed a year-over-year increase.
The significant miss on EPS is likely to negatively impact PNC's stock price in the short term, despite the slight year-over-year increase in sales. The market often reacts strongly to earnings misses, especially when the miss is substantial.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100