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

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.