KeyCorp Beats on Q4 EPS

KeyCorp stock drops despite the financial services group's earnings beat.

Jan 23, 2014 at 5:14PM

Shares of financial services group KeyCorp (NYSE:KEY) closed down in the day's trading following the release of the company's Q4 results in spite of some encouraging numbers. For the quarter, the firm's revenue came in at $1.04 billion, essentially unchanged from the same period a year ago. Attributable net profit was $229 million ($0.26 per diluted share), which was higher than the Q4 2012 figure of $190 million.

On average, analysts expected a top line of $1 billion and EPS of $0.24.

For the entirety of 2013, revenues were $4.1 billion and KeyCorp's attributable net was $847 million ($0.93 per share). 2012's results were $4.1 billion and $813 million ($0.86), respectively.

Crediting what it termed "the success of our distinctive business model," the firm managed to boost its average loans by 5% on a year-over-year basis during 2013, and its cards and payments income by 20%. 

Despite the gains, investors bid KeyCorp's stock down in the wake of the earnings announcement. The shares fell by 3.3%, or $0.46, on the day to close at $13.68 apiece. 

Fool contributor Eric Volkman has no position in KeyCorp. The Motley Fool owns shares of KeyCorp. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.

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