Wachovia Beats Expectations

07/11/01 - 11:32 AM EDT

Chris Frankie

Wachovia(WB Quote) beat second-quarter earnings expectations by 2 cents as the Southern banking giant's profits rose 76% from the year-ago period.

The Winston-Salem based bank, which has been the subject of a takeover duel between First Union(FTU Quote) and SunTrust(STI Quote), said its operating earnings totaled $252.7 million, or $1.22 a share. Twenty analysts polled by Thomson Financial/First Call had expected $1.20 a share. In the year-earlier period, the company earned $143.3 million, or 70 cents a share.

Wachovia said gains on securities transactions offset increased loan loss provisions. In the second quarter, the bank set aside $215.7 million for bad loans, compared with $121.5 million in the first quarter.

The bank also stood by its decision, in April, to accept a $13.7 billion takeover bid from First Union. In May, SunTrust launched a hostile takeover attempt, offering $14.1 billion for the bank. Wachovia shareholders are slated to vote on First Union's bid on Aug. 3.

Wachovia was recently off 1.3% to $66.71. Its price over the past 52 weeks has ranged from $47.43 to $71.40.

Your Recent Quotes: Quote Up0 | Quote Down0
 
Dow S&P 500 NASDAQ
Oil*
65.43
8,280.74
896.42
1,796.52
10 Yr
3.50%
223.32
26.91
49.20
-2.63%
-2.91%
-2.67%
Data delayed 20 min
Get Jim Cramer's Free Newsletter

The Daily Booyah!
Get your daily dose of Cramer in your inbox.
Submit
We respect your privacy.

Premium Stock Ideas
Access Action Alerts Plus to find out Cramer's latest picks now!

Brokerage Partners