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Wells Fargo EPS misses estimates due to accrual for mortgage probes


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Wells Fargo EPS misses estimates due to accrual for mortgage probes

Wells Fargo & Co. reported third-quarter net income of $4.6 billion, or 84 cents per share.

The S&P Capital IQ consensus estimate for normalized EPS was $1.03.

The results included a $1 billion litigation accrual for "previously disclosed mortgage-related regulatory investigations," the company noted in a press release. The accrual lowered EPS for the quarter by 20 cents.

Wells Fargo had a turbulent third quarter. Among other things, a third-party review determined that its fake-account scandal was much bigger than originally estimated. Wells also said during the quarter that it expects to pay $80 million in refunds to auto loan customers over improper charges for collateral protection insurance.

In the third quarter of 2016, Wells Fargo reported net income of $5.64 billion, or $1.03 per share.

Details to follow.