National City
(NCC)
said earnings will drop 7 cents a share after a $40 million charge in the first quarter.
The bank and financial services holding company hasn't issued guidance for the first quarter, but 14 analysts polled by
First Call/Thomson Financial
have pegged earnings at 54 cents a share. The company expects to release earnings on April 20. National City earned 53 cents in the year-ago period.
The charge is related to tax exposure on interest deductions claimed for corporate-owned life insurance.
National City, which is based in Cleveland, was unchanged at $27 in recent trading on the
New York Stock Exchange
.
