US Bancorp Q2 Profit Increases, Beats Estimates

(RTTNews) - US Bancorp (USB) revealed a profit for its second quarter that increased from last year and beat the Street estimates.

The company's bottom line totaled $1.52 billion, or $0.97 per share. This compares with $1.28 billion, or $0.84 per share, in last year's second quarter.

Excluding items, US Bancorp reported adjusted earnings of $1.54 billion or $0.98 per share for the period.

Analysts on average had expected the company to earn $0.94 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company's revenue for the quarter fell 4.3% to $6.87 billion from $7.18 billion last year.

US Bancorp earnings at a glance (GAAP) :

-Earnings (Q2): $1.52 Bln. vs. $1.28 Bln. last year. -EPS (Q2): $0.97 vs. $0.84 last year. -Revenue (Q2): $6.87 Bln vs. $7.18 Bln last year.