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Comerica reports EPS Beat in Earnings Announcement (CMA)

Comerica Incorporated (NYSE: CMA) reported second quarter EPS of $0.76 versus consensus of $0.70. According to the release, that’s a quarter on quarter rise of 9 percent and year over year beat of 4 percent. Net income was $143 million versus $134 million the prior quarter.

Other highlights:

  • Average total loans increase $276 million to $44.9 billion from the prior quarter.
  • Average total deposits increased $756 million to $51.4 billion.
  • The company expects continued growth in average loans but at a slower pace because of continued economic uncertainty.
  • Low rates will continue to affect the company’s net interest income negatively.
  • Effective tax rate of 27.5 percent.

The company also reported that it repurchased 1.9 million shares of common stock worth $72 million in the second quarter.

View the full press release here

Disclosure: At the time of this writing, the author had no position in the company mentioned.

[stock-tools exchange="NYSE" symbol="CMA" image_height="230" image_width="350"]

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