For more earnings forecasts, see Peter Cohan's Earnings expectations for 10 banks tell a mixed story.
Thomson Financial expects U.S. Bancorp (NYSE: USB) to earn $0.59 when it announces its fourth-quarter earnings on January 15th. That's 11% below the same period in 2006, when it earned $0.66.
U.S. Bancorp is a Minneapolis, MN-based bank operating in four lines of business: Wholesale Banking, Payment Services, Wealth Management and Consumer Banking. In the last year its revenues were $13 billion and its net income totaled $4.5 billion. Its stock has lost 15.8% of its value in the last year and it trades at a P/E of 11.7.
It has a mixed track record of delivering actual earnings vs expected ones. In the second quarter of 2007, it fell 3% below expectations and in the third quarter it beat by 1.5%. My hunch is that it will miss by a little.
Peter Cohan is president of Peter S. Cohan & Associates. He also teaches management at Babson College and edits The Cohan Letter. He has no financial interest in U.S. Bancorp securities.
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