Comerica Q4 Adj. Profit Misses Estimates On Weak Net Interest Income; Stock Dips - Update

(RTTNews) - Financial services firm Comerica Inc. (CMA) reported Wednesday that its fourth-quarter net income increased from last year, while adjusted earnings missed market estimates amid weak total income and net interest income.

In pre-market activity on the NYSE, Comerica shares were losing around 3.1 percent to trade at $64.32.

For the quarter, net income attributable surged to $163 million from last year's $27 million. Earnings per share were $1.22, up from $0.20 a year ago.

Adjusted net income attributable was $160 million or $1.20 per share, compared to $193 million or $1.46 per share last year.

The Wall Street analysts on average expected the company to report earnings of $1.26 per share. Analysts' estimates typically exclude special items.

Total interest income dropped 8 percent to $967 million from last year's $1.05 billion.

Net interest income was $575 million, down from $584 million a year ago. Net interest margin, however, grew to 3.06 percent from 2.91 percent last year.

Total noninterest income grew to $250 million from $198 million last year.

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