U.S. Bancorp Beats Q4 EPS Views; Posts Record High FY Earnings (UBS)

U.S. Bancorp (USB) announced its Q4 and full year earnings before the opening bell on Wednesday, posting quarterly earnings results that came in slightly above what analysts were expecting.

USB’s Earnings in Brief

U.S. Bancorp reported net income for the fourth quarter of $1.456 billion, or 76 cents per diluted share, which was up from last year’s Q4 earnings of $1.42 billion, or 72 cents per share. The company’s EPS results came in 1 cent higher than analysts’ estimates of 75 cents. For the full year, USB reported a record high for EPS, which came in at $3.

CEO Commentary

Richard K. Davis, USB’s chairman, president and CEO, had the following comments about the companies earnings results: "Today U.S. Bancorp reported record earnings for full year 2013 of $5.8 billion, or $3.00 per diluted common share. The 2013 results included top-tier returns on average assets and average common equity of 1.65 percent and 15.8 percent, respectively, and an efficiency ratio of 52.4 percent. I am particularly proud to have achieved these results during a year marked by slow economic growth, a significant pullback in mortgage activity and continued regulatory and legislative change and uncertainty. Our results clearly demonstrate the benefits we derive from our diverse mix of businesses and conservative risk profile.”

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No Change to Dividend

USB did not make any mention of a dividend change in its earnings release, which was to be expected as the company most recently raised its quarterly dividend from 20 cents to 23 cents this past June. UBS will most likely be declaring its next dividend in March.

Stock Performance

USB stock was in active in pre-market trading. YTD, the company’s stock is up 4.24%.