Wells Fargo & Co (NYSE: NYSE:WFC) shares are trading higher by 5.40% to $44.67 Friday morning after the company reported third-quarter financial results.
What Happened?
Wells Fargo reported quarterly earnings of 85 cents per share which missed the analyst consensus estimate of $1.09. The company also reported quarterly sales of $19.50 billion which beat the analyst consensus estimate of $18.77 billion by 4%. This is a 3.5% increase over sales of $18.83 billion in the same period last year.
CEO Charlie Scharf commented, “Our solid business performance in the third quarter was significantly impacted by $(2.0) billion, or $(0.45) per share, in operating losses related to litigation, customer remediation, and regulatory matters primarily related to a variety of historical matters."
"We have been focused on increasing our earnings capacity and see the positive impacts of rising interest rates driving strong net interest income growth and our continued focus on improving operating efficiencies resulting in lower expenses excluding the operating losses above. Credit performance remains strong and we are continuing to invest in our technology platforms, digital platforms and an expanded product set,” Scharf stated.
According to data from Benzinga Pro, Wells Fargo has a 52-week high of $60.30 and a 52-week low of $36.54.
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