PNC Reports In-Line Third Quarter, Backs Fourth-Quarter Targets

Banking

TSC Staff

10/19/00 - 08:45 AM EDT

PNC Financial (PNC Quote) Wednesday posted third-quarter earnings matching estimates and forecast that fourth-quarter earnings will be in line with estimates.

The company said earnings for the fourth quarter, including discontinued operations, will be in the range of estimates of $1.10 a share to $1.15 a share. The First Call/Thompson Financial 19-analyst consensus estimate is $1.13 a share. Year-ago earnings for the quarter were $1.01.

PNC said asset quality will remain relatively stable throughout the remainder of 2000.

The company's third-quarter net income rose to $1.09 a diluted share, in line with the 22-analyst estimate and up from the year-ago $1. Earnings from continuing operations were $1.01 a share, up from the year-ago 93 cents.

Visit TheStreet for more great features

TheStreet Premium Services

From the action-oriented investing ideas of Action Alerts PLUS by Jim Cramer to the expert technical trading strategies of Helene Meisler's Top Stocks, TheStreet.com offers a range of premium services to help boost your portfolio's performance. View now.

Expert Advisors Alerts Delivered to your Inbox

Action Alerts PLUS: Cramer's personal portfolio, emails before he acts.

RealMoney: 70+ experts share their top investing ideas and analysis.

Stocks Under $10: Alerts identify undervalued stocks with profit potential.

FREE NEWSLETTERS

Get an edge on the market with the help of free email newsletters like Jim Cramer's Daily Booyah!. Learn about the day's major market events, companies that sizzled or fizzled and lots more that can help you make more profitable investing decisions. Sign up.