PNC Financial Services Group Inc. Q1 Profit Decreases, but beats estimates

(RTTNews) - PNC Financial Services Group Inc. (PNC) announced a profit for first quarter that decreased from the same period last year but beat the Street estimates.

The company's bottom line totaled $1.36 billion, or $3.23 per share. This compares with $1.76 billion, or $4.10 per share, in last year's first quarter.

Excluding items, PNC Financial Services Group Inc. reported adjusted earnings of $1.38 billion or $3.29 per share for the period.

Analysts on average had expected the company to earn $2.73 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company's revenue for the quarter rose 11.1% to $4.69 billion from $4.22 billion last year.

PNC Financial Services Group Inc. earnings at a glance (GAAP) :

-Earnings (Q1): $1.36 Bln. vs. $1.76 Bln. last year. -EPS (Q1): $3.23 vs. $4.10 last year. -Analyst Estimates: $2.73 -Revenue (Q1): $4.69 Bln vs. $4.22 Bln last year.