Wells Fargo & Co Q3 Income Rises, Beats Estimates

(RTTNews) - Wells Fargo & Co (WFC) announced a profit for its third quarter that Increased, from the same period last year and beat the Street estimates.

The company's bottom line totaled $5.589 billion, or $1.66 per share. This compares with $5.114 billion, or $1.42 per share, last year.

Analysts on average had expected the company to earn $1.55 per share. Analysts' estimates typically exclude special items.

The company's revenue for the period rose 5.3% to $21.436 billion from $20.366 billion last year.

Wells Fargo & Co earnings at a glance (GAAP) :

-Earnings: $5.589 Bln. vs. $5.114 Bln. last year. -EPS: $1.66 vs. $1.42 last year. -Revenue: $21.436 Bln vs. $20.366 Bln last year.

Charlie Scharf, CEO of Wells Fargo, said: “The momentum we are building across our businesses drove strong financial results in the third quarter with net income and diluted earnings per share both up from a year ago and the second quarter. Revenue grew with higher net interest income and strong, broad-based growth in fee-based income across both our consumer and commercial businesses.”

WFC was up by 2.86% at $81.16 in the pre-market trade on the New York Stock Exchange.