Wells Fargo Third Quarter 2024 Earnings: EPS Beats Expectations

Wells Fargo (NYSE:WFC) Third Quarter 2024 Results

Key Financial Results

• Revenue: US$19.3b (down 1.8% from 3Q 2023).
• Net income: US$4.85b (down 11% from 3Q 2023).
• Profit margin: 25% (down from 28% in 3Q 2023). The decrease in margin was primarily driven by lower revenue.
• EPS: US$1.43 (down from US$1.49 in 3Q 2023).

All figures shown in the chart above are for the trailing 12 month (TTM) period

Wells Fargo EPS Beats Expectations

Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 10%.

Looking ahead, revenue is forecast to grow 3.6% p.a. on average during the next 3 years, compared to a 6.4% growth forecast for the Banks industry in the US.

Performance of the American Banks industry.

The company's share price is broadly unchanged from a week ago.

Risk Analysis

We should say that we've discovered 2 warning signs for Wells Fargo that you should be aware of before investing here.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.