Synovus Financial Q1 Profit Tops Estimates

(RTTNews) - Synovus Financial Corp. (SNV) posted first quarter adjusted EPS of $1.08, compared to $1.21 prior year. The company said the year-over-year decline was primarily due to increased provision for credit losses. On average, 14 analysts polled by Thomson Reuters expected the company to report profit per share of $1.01, for the quarter. Analysts' estimates typically exclude special items.

Net income available to common shareholders declined to $162.75 million or $1.11 per share from $178.80 million or $1.19 per share, prior year.

Total taxable equivalent revenue increased to $498.45 million from $485.59 million, prior year. Adjusted total taxable equivalent revenue was $499.74 million compared to $486.79 million. Analysts on average had estimated $499.09 million in revenue.