KeyCorp Beats on Q4 EPS

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

Eric Volkman
Eric Volkman
Jan 23, 2014 at 5:14PM
Financials

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.