Both San Francisco-based Wells Fargo and Co. and Alcoa Inc. of Pittsburgh beat analyst estimates in their 2014 second quarters and reported growth from last year’s second quarter.
Wells Fargo, which has 40 branches in the midstate and is the market share leader in Dauphin County in terms of deposits, according to the Federal Deposit Insurance Corp., matched the analyst estimate for revenue in the second quarter at $1.01 in earnings per diluted share, according to Yahoo Finance. That figure was up 3 percent from the second quarter of 2013, according to a company news release.
However, it beat the analyst estimate on gross revenue, reporting $21.1 billion against analysts’ estimate of $20.82 billion. While the gross revenue was down from $21.4 billion in the second quarter of 2013, net income rose 4 percent to $5.7 billion.
Wells Fargo trades on the New York Stock Exchange under the ticker symbol WFC. It has $1.6 trillion in assets and more than 9,000 locations in 36 countries.
The company reported net income of $216 million, but also had a $78 million cost for a previously announced restructuring to reduce the cost base of its commodity business.
Even with the special items, the $138 million of net income amounts to 12 cents per diluted share.
The second-quarter report was a good one for Alcoa after it reported a net loss of $178 million in the first quarter of the year. It also reported a net loss of $119 million in the second quarter of 2013, including special items of expense.