MINNEAPOLIS — U.S. Bancorp said Friday that its fourth-quarter net income slipped less than 1 percent from a year ago, and its adjusted earnings met Wall Street expectations.
The bank, based in Minneapolis, reported net income of $1.48 billion, or 80 cents per share, in the quarter, compared with $1.49 billion, or 79 cents per share, in the same period a year ago.
Earnings, adjusted for non-recurring gains, came to 79 cents per share. The results met Wall Street expectations. The average estimate of 14 analysts surveyed by Zacks Investment Research was also for earnings of 79 cents per share.
Revenue rose less than 1 percent to $5.16 billion in the period, which topped Street forecasts. Eight analysts surveyed by Zacks expected $5.11 billion.
For the year, the company reported profit of $5.88 billion, or $3.16 per share. Revenue was reported as $20.09 billion.
Its shares fell 2 percent as the broader market fell sharply. Its shares fell 83 cents to $39.10 in morning trading.
Elements of this story were generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on USB at http://www.zacks.com/ap/USB
Keywords: U.S. Bancorp, Earnings Report