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Financial services earnings roundup, Feb. 2

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Financial services earnings roundup, Feb. 2

With earnings season in gear, S&P Global Market Intelligence presents a snapshot of recently reported financial results for companies in the financial services space.

Broker/dealer

CME Group Inc. posted fourth-quarter 2016 net income of $373.4 million, or $1.10 per common share, up from $291.7 million, or 86 cents per common share, in the prior-year quarter.

Fourth-quarter 2016 adjusted net income was $387.3 million, or $1.14 per common share, an increase from $327.0 million, or 97 cents per common share, in the year-ago period.

The S&P Capital IQ consensus normalized EPS estimate for the quarter was $1.10.

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Lazard Ltd reported fourth-quarter 2016 net income attributable to the company of $128.0 million, or 96 cents per share, compared to $157.8 million, or $1.18 per share, in the 2015 fourth quarter.

Adjusted net income for the quarter totaled $150.0 million, or $1.13 per share, versus $122.9 million, or 92 cents per share, in the year-ago quarter.

The S&P Capital IQ consensus normalized EPS estimate for the quarter was 99 cents.

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Virtu Financial Inc. reported fourth-quarter 2016 net income available to common shareholders of $9.0 million, or 22 cents per share, compared with $8.1 million, or 22 cents per share, in the prior-year period.

The company reported normalized adjusted net income of $32.9 million, or 24 cents per share, compared with $36.8 million, or 27 cents per share, in the year-ago period.

The S&P Capital IQ consensus normalized EPS estimate for the quarter was 21 cents.

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Financial technology

Visa Inc. reported fiscal first-quarter net income of $2.07 billion, or 86 cents per class A common share, compared with $1.94 billion, or 80 cents per share, in the same quarter of fiscal year 2016.

The S&P Capital IQ consensus GAAP and normalized EPS estimates for the quarter were both 78 cents.

Visa also updated its guidance for fiscal 2017. The company now expects to generate annual net revenue growth of 16% to 18% on a nominal dollar basis, which includes 2.5 to 3.0 percentage points of negative foreign currency impact. Earnings per class A common share growth is projected to be in the low 30s on a GAAP nominal dollar basis and in the mid-teens on an adjusted basis, both including 2.5 to 3.0 percentage points of negative foreign currency impact.

The company also affirmed previous guidance for its annual operating margin, effective tax rate and client incentives as a percent of gross revenues.

The outlook includes Visa Europe integration expenses of about $80 million.

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CDK Global posted fiscal 2017 second-quarter net earnings attributable to the company of $82.7 million, or 55 cents per share, compared with $68.2 million, or 43 cents per share, in the prior-year quarter.

CDK Global reported adjusted net earnings attributable to the company of $96.1 million, or 64 cents per share, compared with $70.0 million, or 44 cents per share, a year ago.

The S&P Capital IQ consensus normalized EPS estimate for the quarter was 56 cents.

The company reduced the outlook for its GAAP-based earnings for full fiscal year 2017, and raised its adjusted earnings growth projections and margin forecasts for the full year. On a GAAP basis, the company expects revenue growth of 4% to 5%, unchanged from previous guidance. Net earnings attributable to the company are projected to grow between 21% and 23%, compared with the previous growth guidance of 24% to 29%. Net earnings per share attributable to the company are projected to grow by 28% to 32%, down from previous guidance of 32% to 37% growth. Net earnings per share is expected to be between $1.93 and $1.99 per share, compared with previous estimates of $1.99 to $2.07 per share.

The S&P Capital IQ consensus normalized EPS estimate for fiscal 2017 is $2.36.

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Computer Sciences Corp. posted net income attributable to common stockholders for the third quarter of fiscal 2017 of $31 million, or 21 cents per share, compared with $50 million, or 15 cents per share, in the year-ago period.

The company posted non-GAAP net income attributable to common stockholders of $117 million, or 81 cents per share, compared with $131 million, or 73 cents per share, in the year-ago period.

The S&P Capital IQ consensus normalized EPS estimate for the quarter was 70 cents.

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Gartner Inc. posted fourth-quarter 2016 net income of $66.5 million, or 79 cents per share, compared with $65.8 million, or 78 cents per share, in the year-ago period.

The company reported earnings, excluding acquisition adjustments, of $81.2 million, or 97 cents per share, compared with $77.6 million, or 92 cents per share, a year ago.

The S&P Capital IQ consensus normalized EPS estimate for the quarter was 98 cents.

Gartner expects 2017 GAAP EPS to be between $2.80 and $3.00. The company expects GAAP EPS excluding acquisition adjustments to be between $3.15 and $3.35.

The S&P Capital IQ consensus normalized EPS estimate for 2017 is $3.21.

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MSCI Inc. reported fourth-quarter 2016 net income of $68.3 million, or 73 cents per share, compared with $59.4 million, or 57 cents per share, in the prior-year quarter.

Adjusted net income was $76.3 million, or 81 cents per share, compared with $68.3 million, or 66 cents per share, in the year-ago period.

The S&P Capital IQ consensus normalized EPS estimate for the quarter was 75 cents.

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Specialty lenders

Ryder System Inc. posted fourth-quarter 2016 GAAP-based net earnings of $48.2 million, or 91 cents per share, compared with $76.2 million, or $1.43 per share, a year ago.

The company reported earnings from continuing operations of $49.3 million, or 92 cents per share, compared with $75.9 million, or $1.42 per share, in the year-ago period.

Comparable earnings from continuing operations during the quarter were $57.5 million, or $1.07 per share, compared with $88.8 million, or $1.66 per share.

The S&P Capital IQ consensus normalized EPS estimate for the quarter was $1.42.

The company expects full-year 2017 GAAP-based EPS to be between $4.78 and $5.08, compared with a prior forecast of $4.94 for 2016. Comparable EPS on a non-GAAP basis is expected to be between $5.10 and $5.40, from $5.42 in 2016.

Ryder System also set a first-quarter 2017 GAAP EPS range of 74 cents to 84 cents, and a comparable EPS forecast range of 82 cents to 92 cents.

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FirstCash Inc. reported fourth-quarter 2016 GAAP-based net income of $36.7 million,or 76 cents per share, compared with $19.4 million, or 69 cents per share, in the year-ago period.

The company posted adjusted net income of $37.4 million, or 77 cents per share, compared with $20.6 million, or 73 cents per share, in the year-ago period.

The S&P Capital IQ consensus normalized EPS estimate for the quarter was 75 cents.

For full fiscal year 2017, FirstCash expects adjusted earnings per share to be between $2.45 and $2.60. The company also expects adjusted net income to be in the range of $118 million to $125 million. FirstCash also issued guidance for adjusted EBITDA and expects it to be in the range of approximately $257 million to $268 million.

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Mobile Mini Inc. reported fourth-quarter 2016 net income of $19.5 million, or 44 cents per share, compared with $9.5 million, or 21 cents per share, in the year-ago period.

The company reported adjusted net income of $21.2 million, or 48 cents per share, compared with $18.4 million, or 41 cents per share, a year ago.

The S&P Capital IQ consensus normalized EPS estimate for the quarter was 37 cents.