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57% of US financial services firms top earnings estimates in week ended Aug. 2

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57% of US financial services firms top earnings estimates in week ended Aug. 2

Among the 28 financial services companies that reported second-quarter earnings between July 29 and Aug. 2, 16 companies beat analysts' earnings expectations, five met expectations and seven reported earnings below estimates.

Moelis & Co. surpassed earnings estimates by 33.3%, after posting normalized EPS of 56 cents compared to a mean estimate of 42 cents. It was followed by Waddell & Reed Financial Inc., which topped the mean EPS estimate by 21.6%, reporting earnings of 45 cents, against analysts' estimates of 37 cents.

Ares Management Corp. and KKR Real Estate Finance Trust reported the greatest misses, falling short of consensus by 13.5% and 12.2%, respectively.

In the fintech and payments sectors, Thomson Reuters Corp. and Square Inc. had the largest consensus beats, besting estimates by 70.6% and 31.3%, respectively.

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